MANILA, Philippines — The Senate on Monday passed on third reading a measure establishing a framework for the development of the country’s local natural gas industry.
Senate Bill (SB) No. 2793, or the Philippine Natural Gas Industry Development Act, was passed on third reading with 14 affirmative and three negative votes.
Article continues after this advertisementThe bill aims to establish the Philippine Downstream Natural Gas Industry and develop natural gas as a reliable fuel for power plants, while progressively transitioning to renewable energy sources.
FEATURED STORIES BUSINESS BIZ BUZZ: Razon cries foul BUSINESS Missing funds prompt BSP probe of GCash BUSINESS JK Capital Finance locks in P300-million credit guaranteeIt also seeks to increase the share of natural gas in the energy mix but with locally sourced gas given priority in power supply contracts.
It likewise offers incentives to boost investments in the Philippine natural gas industry.
Article continues after this advertisementThe bill was approved right before the plenary debates for the 2025 General Appropriations Bill.
Article continues after this advertisementIn explaining his vote, Senator Raffy Tulfo emphasized that relying on foreign energy sources is not a viable strategy for achieving energy security.
He said this was validated when the conflict between Russia and Ukraine began in 2022, which led to the oil industry being held hostage by factors beyond everyone’s control.
“The provisions of the bill will ensure that there are no sudden price fluctuations in the energy market, making energy more accessible and affordable for everyone, not just large businesses, so that regular Filipino households will benefit from this legislation,” he said.
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