President Bongbong Marcos has signed a law aimed at advancing the Philippines’ natural gas industry.
Republic Act (RA) 12120, known as the Philippine Natural Gas Industry Development Act, was signed by the President on January 8. However, a copy of which was subsequently made available on the Official Gazette on January 14, according to the Philippine News Agency (PNA).
The PNA said the newly signed law establishes a framework for the Philippine Downstream Natural Gas Industry, focusing on increasing the role of natural gas in the nation’s energy mix. It promotes natural gas as a safe, efficient, and cost-effective energy source, emphasizing its critical role in enhancing the country’s energy security.
RA 12120 also introduces various incentives designed to attract investments in the natural gas sector. It promotes a competitive, transparent, and fair trading environment, fostering responsive policy support to help achieve lower energy prices, in alignment with the Department of Energy Act of 1992 (RA 7638).
Furthermore, the law is anticipated to address the rising local demand for fuel, positioning the Philippines as a key hub for Liquefied Natural Gas trading and transshipment in the Asia-Pacific region, the PNA added.
