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PH envoy says US firms interested in energy exploration but need 'clear policy'

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Willard Cheng, ABS-CBN News

MANILA - US firms are interested in investing in oil and gas exploration in the West Philippine Sea but need a clear policy on this activity, the Philippines&#x27; chief envoy to the United States said on Thursday. Ambassador Jose Manuel Romualdez said US firms are particularly concerned about &quot;ownership.&quot; &quot;So I think there has already been an enabling law that was passed even during the administration of former President Duterte and we are hoping to follow up on that one, and there be a clear policy that will be given for investors and of course, joint exploration is very important, that’s a natural resource of ours,&quot; Romualdez said. The administration of then-President Rodrigo Duterte ended energy exploration talks with China before his term ended. &quot;Some laws have to more or less be either changed or enable private companies or companies interested in developing this area, that will of course be equitable in a way,&quot; he added. Romualdez said a 60-40 revenue sharing agreement which favors the government is &quot;really encouraging for many of them.&quot; &quot;Tsaka marami tayong mga competitor ngayon lalo na ang (And we have many competitors now especially) Vietnam and Thailand, are very aggressive, Indonesia also.”Meanwhile, Romualdez said he hopes to see increased economic activity between the Philippines and the United States especially in the area or clean energy.“President Marcos has already indicated that our relationship is a very important one, special one, as a matter of fact. Our purpose now is to strengthen it. At the same time I think his main concern is the economy so we’re looking at the United States to have more economic trade, economic activity perhaps in the area of climate change, clean energy,” he said. Romualdez mentioned the US offer for Philippine companies to import modular nuclear power plants to produce clean energy.“I think that that’s one area that we are really very interested in and hopefully we’ll be able to bring that here,” he said. The Philippine envoy said the US Development Finance Corporation is looking to invest in clean energy joint ventures with local companies. &quot;I think several private companies are already looking at this, those that are involved in energy and we’re hoping that there will be more private companies here in the Philippines that will look into this as a way of being able to accelerate our energy requirements for the future.”The Philippines, he said, can consider exporting nickel to US for its production of electric vehicles.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/06/30/22/marcos-talks-oil-and-gas-reserves-amid-ph-energy-woes">Marcos says PH can &#x27;find way around energy problems,&#x27; talks on oil and gas reserves</a></li>	<li><a href="https://news.abs-cbn.com/news/06/23/22/locsin-ph-pulled-out-of-oil-gas-talks-with-china">Locsin: PH pulled out of oil, gas talks with China</a></li></ul><div>RELATED VIDEO</div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2111871" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Ambassador Jose Manuel Romualdez said US firms are particularly concerned about 'ownership.' 

PH envoy says US firms interested in energy exploration but need 'clear policy'

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PH envoy says US firms interested in energy exploration but need 'clear policy'

Willard Cheng,

ABS-CBN News

Published July 07, 2022 07:57 PM PHT

Read More:

oil and gas exploration

West Philippine Sea

United States

China

Jose Manuel Romualdez

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