The Senate passed Senate Bill No. 2793, known as the Philippine Natural Gas Industry Development Act, aiming to attract more investments in the local power market by creating a regulatory framework for the natural gas sector. This measure, backed by Senator Pia Cayetano, seeks to develop indigenous natural gas as a transition fuel, potentially lowering costs and reducing reliance on imported LNG, which saw price volatility due to geopolitical events like the Russia-Ukraine war. The bill will also aid the country’s push for renewable energy, which the Marcos administration aims to increase to 35% by 2030. Senators believe this law could significantly enhance the Philippines’ energy security.
PHILIPPINE NATURAL GAS BILL TO DRIVE INVESTOR INTEREST
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