Metro Manila (CNN Philippines, July 6) — Bangsamoro and national government officials on Thursday signed a circular that they said will advance energy security in the autonomous region and potentially help make it an energy resource hub in the country.
President Ferdinand Marcos Jr. witnessed the signing of the Intergovernmental Energy Board circular on the joint award of petroleum service and coal operating contracts, which authorizes the national and the Bangsamoro government to jointly grant rights and concessions for the exploration, development, and utilization of fossil fuels in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).
\”This is an important step towards progress in Mindanao, and possibly the establishment of another energy resource center in the Philippines,\” Energy Secretary Raphael Lotilla said during the event in Malacañang.
According to the president, the release of the guidelines will help facilitate economic growth in BARMM.
\”We create an environment that encourages local and foreign investors to actively participate in the exploration and development of the BARMM’s energy resources. Through this, we promote economic growth, generate employment opportunities, and nurture a thriving business landscape in the region,\” Marcos said.
\”By harnessing the enormous energy potential within BARMM, we will reduce our reliance on external sources, mitigate the detrimental impacts of price fluctuations, and build a solid foundation for our country’s energy security,\” he added.
