Malampaya offshore site northwest of Palawan (File Photo)—INQUIRER File Photo
MANILA, Philippines — The extension of the Malampaya service contract by 15 years will stabilize the prices of electricity, said House Speaker Ferdinand Martin Romualdez on Monday.
Romualdez is reacting to the signing of the Malampaya deal by President Ferdinand “Bongbong” Marcos.
“Service Contract No. 38 (SC 38) would be key to fewer brownouts in the country. This is a welcome development as the Malampaya gas field provides a significant portion of our country’s energy requirement,” he said.
“Extension of the SC 38 will not only reduce our dependence on imported oil as fuel for our power plants, which will help stabilize the price of electricity. More importantly, it would help boost our power reserves and prevent brownouts resulting in losses for businesses and suffering for our people,” he added.
Romualdez was among the government officials present when the president signed the contract.
It would have expired by February 22, 2024.
READ: 15 more years: Bongbong Marcos signs Malampaya renewal deal
Malampaya supplies natural gas for power plants that account for 29 percent of the country’s electricity requirements.
According to the gas field’s operator, as of February 2023, it has contributed $13 billion since its inception.
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