Wedoany.com Report-Jan 15, President Ferdinand ''Bongbong'' Marcos Jr. has signed into law the measure promoting the development of the Philippine Natural Gas Industry.
Signed on January 8, Republic Act No. 12120 will promote natural gas as a safe, efficient, and cost-effective source of energy and an indispensable contributor to energy security by establishing the Philippine Downstream Natural Gas Industry for the benefit of all segments of the nation's populations.
This aims to develop natural gas as a reliable fuel for power plants, which will later help ensure the country's energy security.
The new law will also promote the conversion of the existing fossil-fuel operated equipment and facilities to natural gas use; provided, that the conversion is technically and financially feasible.
The Department of Energy shall be the lead agency to determine the need for and regulate the development of aggregation in the country. Aggregation is defined as the procurement of indigenous natural gas, combining it with imported LNG, and selling the aggregated gas to gas buyers in the Philippines or abroad.
The DOE is authorized to evaluate, approve, and issue the permits necessary for the siting, construction, operation and maintenance, expansion, modification, rehabilitation, decommissioning, and abandonment of any PDNGI facility or activity.
The operation of the PDNGI facility shall undergo an evaluation process for possible inclusion and entitlement of incentives under the Strategic Investment Priority Plan.
