The Department of Energy (DOE) announced a significant surge in global investor interest in the Philippines’ energy sector, with potential investments reaching an impressive USD 43 billion. This strong international confidence underscores the country’s growing appeal as a prime destination for energy exploration and development.
During a Palace press briefing, DOE Secretary Sharon Garin revealed that several nations, including Australia, Israel, the United States, and the United Arab Emirates, have expressed keen interest in the Philippines’ upstream energy exploration sector. “We have many possible investors. For example, we have a company from Australia, from Israel, from the US, UAE—so different companies, different countries,” Secretary Garin stated.
Secretary Garin attributed this heightened investor confidence not only to the Philippines’ rich resource potential but also to its favorable investment climate. “I think they saw the good investment opportunity, not just the opportunity, but our climate, that it’s time for them to come in. So they saw that we have the right policies and leadership to invest USD 43 billion,” she explained.
Addressing inquiries about potential joint oil and gas exploration ventures with other countries, including China, Secretary Garin clarified the DOE’s pragmatic approach. While open to foreign partners, the Department prioritizes practicality and robust risk management. “It’s not about who is exploring or where we are exploring. It’s difficult to explore, to invest USD 1 billion if the area is somewhat disputed. So, on the safe side, we focus on areas that are not contested,” Garin emphasized.
Regarding areas like the Reed Bank and other parts of the West Philippine Sea, Secretary Garin confirmed that offers have been made, but geopolitical uncertainties have deterred investors. “We have offered those areas, but there are no takers. So, I don’t think the investors would risk it also. We even have an existing contract there, on that line, but it hasn’t been explored yet because there are still uncertainties,” she added.
The Philippines remains committed to fostering joint ventures that ensure the viability of energy projects and protect long-term investments by prioritizing safe, stable, and uncontested exploration areas.
