The Department of Energy (DOE) revealed that the Philippines is seeing strong global investor interest in its energy sector, with potential investments reaching up to USD 43 billion.

Speaking at a Palace press briefing on Tuesday, Energy Secretary Sharon Garin said countries such as Australia, Israel, the United States, and the United Arab Emirates have shown intent to invest in the country’s upstream energy exploration.

“We have many possible investors. For example, we have a company from Australia, from Israel, from the US, UAE—so different companies, different countries,” said Garin.

She attributed the surge in interest not only to the country’s resource potential but also to its current business climate. “I think nakita nila iyong magandang investment opportunity, not just the opportunity, pero iyong climate natin na it’s time for them to come in. So nakita nila na we have the right policies and leadership para mag-invest ng USD 43 billion,” she added.

Addressing prospects for joint oil and gas exploration with other countries, including China, Garin stressed that while the DOE is open to partnerships, practical considerations and risk management are key.

“It’s not about who is exploring or where we are exploring. Mahirap kang mag-explore, mag-invest ka ng USD 1 billion kung medyo disputed ang area. So, on the safe side, we focus on areas that are not contested,” she explained.

Regarding the Reed Bank and other areas within the West Philippine Sea, Garin confirmed that although the government has offered these sites to investors, geopolitical concerns have kept them on the sidelines.

“We have offered those areas, but there are no takers. So, I don’t think the investors would risk it also. Mayroon nga tayong existing din na contract na nandoon na, on that line, but it hasn’t been explored yet because there are still uncertainties,” Garin said.

The DOE emphasized that it is prioritizing safe and uncontested areas to ensure investment security and the long-term viability of energy projects.

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Photo credit: Presidential Communications Office