Pia Cayetano warns vs rising prices of imported LNG
SEN. Pia Cayetano said the price of imported liquefied natural gas (LNG) is rising and is now inching to $16 per MMBtu (million British thermal units). This translates to higher electricity prices to the detriment of consumers, she warned, highlighting the need to prioritize indigenous gas. Cayetano, chairman of the Senate Committee on Energy and sponsor of Senate Bill (SB) 2793 or the Philippine Natural Gas Industry Development Act, debunks claims that current LNG prices are lower than those for indigenous or Malampaya gas. Cayetano renewed her call to pass SB 2793, a measure in favor of local natural gas resources. She said the proposed legislation would ensure that the country does not depend on foreign fuel. "Let's take a stand. Prioritize indigenous (natural gas). Support indigenous. And buy indigenous," the senator earlier said. "It ensures a continuous and stable energy supply in the country, even or despite unpredictable events occurring in the global market," she added. The senator referred to the unreliability of imported LNG supply due to conflicts like the Russian invasion of Ukraine and adverse weather conditions, such as when coal plants suffered downtime during heat waves and imported LNG vessels unberth during typhoons. She said indigenous gas is the best energy solution because it is readily available, owned by the Filipino people and is a significant source of state revenue, with 60 percent of Malampaya proceeds remitted to the government. "Simply put, it's Filipino gas for the Filipino people," the senator added. Cayetano said SB 2793 would incentivize the full exploration and development of the country's indigenous natural gas resources to address energy security concerns using Filipino gas first. She lamented that the country's indigenous gas resources have been neglected since the discovery of the Malampaya wells off Palawan province. She said the proposed law is key to revitalizing indigenous gas exploration, which has been nearly abandoned because of the absence of clear-cut policies. "From 150 wells in the 1970s, no additional drilling efforts have been made since 2019. Are we going to let this industry die? Are we going to depend on imported natural gas?" she said. "This is a no-brainer. Where have you seen a country that prioritizes imported products and just relies on them, although they have their supply? Let's not allow our failure in the agriculture sector to happen in the energy sector. Let's take a moment and think about that," Cayetano said.
Tomas Kauer - Moderator 
SEN. Pia Cayetano said the price of imported liquefied natural gas (LNG) is rising and is now inching to $16 per MMBtu (million British thermal units). This translates to higher electricity prices to the detriment of consumers, she warned, highlighting the need to prioritize indigenous gas.
Cayetano, chairman of the Senate Committee on Energy and sponsor of Senate Bill (SB) 2793 or the Philippine Natural Gas Industry Development Act, debunks claims that current LNG prices are lower than those for indigenous or Malampaya gas.
Cayetano renewed her call to pass SB 2793, a measure in favor of local natural gas resources. She said the proposed legislation would ensure that the country does not depend on foreign fuel.
"Let's take a stand. Prioritize indigenous (natural gas). Support indigenous. And buy indigenous," the senator earlier said.
"It ensures a continuous and stable energy supply in the country, even or despite unpredictable events occurring in the global market," she added.
The senator referred to the unreliability of imported LNG supply due to conflicts like the Russian invasion of Ukraine and adverse weather conditions, such as when coal plants suffered downtime during heat waves and imported LNG vessels unberth during typhoons.
She said indigenous gas is the best energy solution because it is readily available, owned by the Filipino people and is a significant source of state revenue, with 60 percent of Malampaya proceeds remitted to the government.
"Simply put, it's Filipino gas for the Filipino people," the senator added.
Cayetano said SB 2793 would incentivize the full exploration and development of the country's indigenous natural gas resources to address energy security concerns using Filipino gas first.
She lamented that the country's indigenous gas resources have been neglected since the discovery of the Malampaya wells off Palawan province.
She said the proposed law is key to revitalizing indigenous gas exploration, which has been nearly abandoned because of the absence of clear-cut policies.
"From 150 wells in the 1970s, no additional drilling efforts have been made since 2019. Are we going to let this industry die? Are we going to depend on imported natural gas?" she said.
"This is a no-brainer. Where have you seen a country that prioritizes imported products and just relies on them, although they have their supply? Let's not allow our failure in the agriculture sector to happen in the energy sector. Let's take a moment and think about that," Cayetano said.
