MANILA, Philippines — The possible enactment of a bill promoting the development of the natural gas industry by prioritizing the use of indigenous resources is a major step in ensuring energy security, a Cabinet official said.
“This is something that is welcome because we need a more stable legal framework because if it’s not a law then it’s just subject to changes on the part of the executive,” Energy Secretary Raphael Lotilla said in a recent interview.
With a 14-3 vote, the Senate passed Senate Bill (SB) 2793 or the Philippine Natural Gas Industry Development Act on its third and final reading on Monday.
The measure establishes a comprehensive legal framework that covers everything from transmission and distribution to the supply of natural gas, a move aimed at attracting more investments in the upstream sector.
“There’s a lot of potential, that’s why we talk about the upstream. The policies of the government to develop the upstream are important,” Lotilla said.
Sen. Pia Cayetano, chairperson of the Senate committee on energy and sponsor of the bill, called the approval of SB 2793 a “momentous step forward” in fostering sustainable economic growth.
“This legislation supports our own and also international commitments to cleaner, more efficient energy production,” she said.
The measure, Cayetano said, would likewise protect consumers by encouraging more investments in natural gas, which in turn could bolster energy security and increase access to the indigenous energy source.
“Historically, indigenous natural gas has been cheaper, and increasing opportunities for natural gas will only make the prices cheaper,” she said, dismissing claims that the bill would lead to higher power costs.
“I repeat, this bill is good for the country. This bill is good for the environment, and this bill is good for the Filipino consumers,” Cayetano added.
After hurdling the Senate, the measure is expected to undergo a bicameral conference to resolve the differences between the versions passed by each chamber, paving the way for its signing into law by President Marcos.