President Ferdinand R. Marcos Jr. on Wednesday said the newly signed Petroleum Service Contracts (PSC) will capture the interest of more international partners to invest in the Philippines and join the country’s efforts to discover new indigenous energy resources.
“Always know that this administration continues to find practical and sustainable ways to attract and sustain more investments in the energy sector,” President Marcos said during the formal presentation of the signed PSCs held in Malacañan Palace.
The eight new PSCs provide investments in the exploration for petroleum resources, including hydrogen, that will contribute to energy security, wealth creation, and employment generation.
“Consequently, these efforts will capture the interest of more international partners to invest in our country and to join our quest to discover new indigenous resources,” President Marcos said.
“But, with every partnership comes a greater challenge: to ensure that progress is achieved with integrity, responsibility, and with respect for our people,” the President added.
In September, the Department of Energy (DOE) issued a circular granting special allowances to petroleum service contractors.
President Marcos said this will encourage exploration in new petroleum, promote gas development in remote areas, and allow fair cost recovery.
“Through the Energy Virtual One Stop Shop platform, we are also streamlining the energy permitting process. This way, we hope to cut red tape, eradicate bureaucratic delays, and reduce unnecessary paperwork,” said the President.
President Marcos said the government will continue to update and upgrade its processes to make them more responsive to the needs of investors and the communities.
In return, President Marcos encouraged investors to turn their investments into engines of progress.
“Operate with accountability, with respect for the environment, and fairness towards the communities that host your operations,” the President said.
“Let us prove that responsible enterprise and national development can go hand-in-hand —that growth built on transparency and responsibility is growth that will last,” the President added. (PND)
