To counter the impact of volatile oil prices in world markets, the country must tap indigenous energy resources, the Department of Energy (DOE) said Tuesday.
Indigenous resource accounts for 51 percent of the country’s energy supply, while 49 percent consists of imported coal, oil, and biofuels, Energy Undersecretary Felix William Fuentebella said at the Energy Investment Forum in Taguig City.
“We need to intensify the development of indigenous resources to reduce price vulnerability in the international market,” he said.
The department recently launched the Philippine Conventional Energy Contracting Program (PCECP) to explore areas for potential oil and energy resources.
Developing indigenous resources also means achieving energy security and self-sufficiency, Energy Secretary Alfonso Cusi said in the same forum.
“We must explore, explore, explore,” Cusi said.
The Philippines will need 43,765 megawatts of additional capacity by 2040 to keep up with the growing economy, he added. —VDS, GMA News