^{Photo credit: Presidential Communications Office}

The Philippine government aims to boost foreign investment in its energy sector with the signing of eight new Petroleum Service Contracts (PSCs), President Ferdinand R. Marcos Jr. said Wednesday at Malacañang Palace.

He said the PSCs are designed to expand exploration for petroleum resources, including hydrogen, and are seen as a critical step toward enhancing energy security, generating wealth, and creating jobs.

“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, underscoring the strategic intent behind the move.

The President noted that the new agreements are expected to “capture the interest of more international partners to invest in our country and to join our quest to discover new indigenous resources.” He emphasized, however, that these partnerships must come with “integrity, responsibility, and respect for our people.”

The Department of Energy (DOE) earlier issued a circular granting special allowances to petroleum service contractors. This measure aims to encourage exploration in new areas, advance gas development in remote locations, and ensure fair cost recovery.

President Marcos also highlighted government efforts to streamline processes for energy investors. “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,” he said.

He assured that the government will continue to “update and upgrade its processes to make them more responsive to the needs of investors and the communities.”

In closing, the President called on investors to “operate with accountability, with respect for the environment, and fairness towards the communities that host your operations.” He stressed that “growth built on transparency and responsibility is growth that will last.”

How will these new PSCs shape the Philippines’ energy future? Let’s discuss the implications for investment, energy security, and sustainable development.

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