Pia Cayetano says natural gas bill to boost investor confidence in PH

The measure supporting the full development of the Philippine natural gas industry would improve investor confidence in the country, Senator Pia Cayetano said.

A press release on Wednesday stated that Cayetano, who chairs the Senate Committee on Energy, has formally endorsed the passage of the proposed measure. She urged her colleagues to swiftly act on Senate Bill No. 2793 or the proposed Philippine Natural Gas Development Act. 

''This bill provides for the prioritization of indigenous gas over other imported LNG [liquefied natural gas] and other conventional fuels in terms of use and the production of power," Cayetano said. 
 
“With Filipino gas, we will not be heavily dependent on foreign suppliers, who may suddenly pull out of the Philippines to sell their gas to richer buyers elsewhere. Filipino gas will give us a significant measure of energy security and sovereignty underpinning our economic development,” she added. 

She said the bill would provide a market for indigenous gas by giving priority to its procurement as well as the use for power generation, a policy that was already enshrined in the Electric Power Industry Reform Act (EPIRA). 
 
Cayetano said the proposed measure would assure investors of a market for the production of more wells. 
 
“Malampaya was supposed to be the first of many producing gas fields in the Philippines but it turned out to be the only one. It has grown old, and may become depleted as early as 2027. This poses a dilemma. To support the DOE’s long-term energy plan, the country needs more Malampayas: we barely have one left,” she said. 

Further, Cayetano said the natural gas would serve as a transition fuel during the Philippines’ shift towards the use of full renewable energy. 
 
"While the renewable energy industry is developing, natural gas can help decrease our dependence on imported coal and oil,” she said. — Anna Felicia Bajo/BM, GMA Integrated News