The Philippines’ energy sector continues to draw strong interest from global investors, with potential investments reaching up to USD43 billion, the Department of Energy (DOE) announced Tuesday.
In a Palace press briefing, DOE Secretary Sharon Garin said several countries including Australia, Israel, the United States, and the United Arab Emirates have expressed interest in investing 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,” Garin said.
Garin said that investor confidence is driven not just by resource potential, but also by the country’s current investment 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 $43 billion,” the energy secretary said.
Asked about the prospects of joint oil and gas exploration with other countries, including China, Garin clarified that the DOE is open to foreign partners, but emphasized the importance of practicality and risk management.
“It’s not about who is exploring or where we are exploring. Mahirap kang mag-explore, mag-invest ka ng USD1 billion kung medyo disputed ang area. So, on the safe side, we focus on areas that are not contested,” Garin said.
On the issue of the Reed Bank and other areas in the West Philippine Sea, Garin confirmed that the government has made offers, but no investors have taken them up due to geopolitical uncertainties.
“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.
Garin said that while the Philippines remains open to joint ventures, it is prioritizing safe, stable, and uncontested areas to ensure the viability of energy projects and protect long-term investments. | PND
