Philippines Secures $1 Bn Funding for LNG, Renewable Industries

Philippines Department of Energy (DOE) and the Export-Import (Ex-Im) Bank of the United States signed a Memorandum of Understanding (MOU) Wednesday for $1-billion worth of financing guarantees to further facilitate renewable energy (RE) and liquefied natural gas (LNG) industries in the Philippines.

Under the said MOU, DOE and Ex-Im Bank would focus on development of LNG facilities including port, receiving terminals, regasification facilities, pipelines and other transportation infrastructures.

Currently, the DOE is formulating a fuel mix policy that would encourage energy diversification that is cleaner and sustainable including RE and LNG.

“For LNG, the DOE pushes for the development of a Natural Gas Master Plan with the technical assistance from the World Bank through its transaction advisors the Lantau Group and Arup.  Conducted in three phases, the phase 1 and 2 of the plan will be on the establishment of an investment and transactional framework, of which Phase 1 was already completed and Lantau is now working on the Phase 2 of the study. The Phase 3 will involve the creation of a Master Plan for the longer term,” a DOE statement said.

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