THE country can ensure energy security by tapping the enormous energy potential within the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).
President Marcos mentioned it during the ceremonial signing in Malacañang of the Joint Circular Prescribing the Guidelines on the Petroleum Service Contracts (PSCs) and Coal Operating Contracts (COCs) in BARMM on Thursday, July 6.
The Chief Executive also said that at the same time, it would bring positive changes in the lives of the people in the region.
He added the guidelines will promote economic growth, generate employment opportunities, and nurture businesses in BARMM.
Marcos emphasized that the guidelines’ objectives are clear and bold, and aimed at expediting the robust growth of the energy sector in BARMM as well as attracting essential investments.
“In fostering a level playing field, we create an environment that encourages local and foreign investors to actively participate in the exploration and development of the BARMM’s energy resources,” President Ferdinand Marcos, Jr. said.
The guidelines will also serve as a safeguard in making sure the adherence of all exploration and development activities to strict regulations.
“Therefore it is essential to underscore that the guidelines shall also serve as a safeguard in ensuring the strict adherence of all exploration and development activities to rigorous regulations and industry-leading best practices,” President Marcos added.
The Bangsamoro Organic Law empowers both the National and the Bangsamoro governments to jointly grant rights, privileges, and concessions for the exploration, development, and utilization of uranium and fossil fuels within the BARMM.
Those who can apply for petroleum ventures are local or foreign individuals, companies, or groups of companies forming a joint venture or consortium, organized or authorized for the purpose of engaging in exploration and development activities.
For coal, on the other hand, an applicant must be an acknowledged corporation or partnership with at least 60 percent of its capital as Filipino-owned and registered in the Securities and Exchange Commission (SEC), or a cooperative authorized for engaging in coal exploration and development.
Meanwhile, BARMM Chief Minister Ahod Ebrahim said the initiative shows the firm commitment of the Philippine government and the BARMM to work together to maintain the dividends of the peace process.
For his part, Energy Secretary Raphael Lotilla noted that the signing of the energy contracts is another move towards the development of Mindanao.
