Manila: President Ferdinand R. Marcos Jr. has signed a new law establishing a framework for the development of the Philippines' natural gas industry. The Republic Act (RA) 12120, known as the Philippine Natural Gas Industry Development Act, was signed on January 8, and its details were made public through the Official Gazette.

According to Philippines News Agency, the legislation aims to establish the Philippine Downstream Natural Gas Industry. It seeks to increase the share of natural gas in the country's energy mix by promoting it as a safe, efficient, and cost-effective energy source. The law positions natural gas as a crucial element for enhancing energy security in the Philippines.

The act provides incentives to attract investments in the natural gas sector by allowing the entry of investors through a system characterized by competition, transparency, and fair trade. It also offers supportive policies to achieve low energy costs in line with the Department of Energy Act of 1992, RA 7638.

Additionally, the new law is expected to address the rising local demand for fuel and aims to establish the Philippines as a hub for Liquefied Natural Gas (LNG) trading and transshipment within the Asia-Pacific region. The government under Marcos has taken a more proactive approach to increasing renewable energy in the country.