THE House Committee on Energy has approved a substitute bill seeking to establish a Philippine Strategic Petroleum Reserve (PSPR) to protect the country from oil supply disruptions and sudden price hikes.
The measure, approved Tuesday under the chairmanship of Palawan Rep. Jose Alvarez, will create a government-owned petroleum stockpile that can be tapped during supply shortages, extreme oil price volatility, natural disasters, geopolitical conflicts and other emergencies.
Murang Kuryente Party-list Rep. Arthur Yap, who presided over the hearing and headed the Technical Working Group (TWG), said the reserve is crucial because the Philippines heavily depends on imported crude oil and petroleum products.
“The primary objective was to strengthen the country’s energy security while preserving a competitive and deregulated downstream oil industry,” Yap said.
The bill will amend Republic Act 9513, or the Renewable Energy Act of 2008.
Meanwhile, APEC Party-list Rep. Sergio Dagooc pushed amendments to boost private sector participation in renewable energy, promote energy self-reliance, develop energy storage systems and speed up permitting.
The panel also approved another TWG to study measures making solar power more affordable and accessible to households and small businesses.
DOE Undersecretary Riolita Inocencio backed the proposals, saying consumer-owned solar systems could help Filipinos generate their own electricity and cut power bills.
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