Natural gas bill to help attract investments in exploration - Pia Cayetano

Senator Pia Cayetano said the proposed measure pushing for the full development of the Philippine natural gas industry would help attract investors in its exploration.

In a news release issued Friday, Cayetano said Senate Bill 2793 or the proposed Philippine Natural Gas Development Act would be similar to a ''giant billboard,'' which will tell the world that the Philippines is open for investments when it comes to natural gas exploration.

"It seeks to declare that the Philippines is open and will have very clear-cut policies on natural gas, indigenous natural gas development, so that, in itself, is going to send the right signal,” Cayetano said.

“So by passing this law, it’s like erecting a billboard on EDSA globally and telling them that the Philippines is prioritizing natural gas. If you are an expert in natural gas, you're welcome to come here. We have good business opportunities,'' she added.

She said the proposed measure would address investors’ queries on whether the country is ready to develop its indigenous gas resources and open them to investments.

Cayetano said this proposed law would also help in lowering energy costs as well as ensuring energy security.

"Natural gas is called a transition fuel, and we have proof that there is; it’s available in the Philippines,” Cayetano said.

The bill will provide a market for indigenous gas by giving priority to its procurement as well as its use for power generation, a policy that was already enshrined in the Electric Power Industry Reform Act (EPIRA). —VBL, GMA Integrated News