President Ferdinand R. Marcos Jr. signed an agreement with Minister of Environment, Natural Resources and Energy Akmad Brahim and Energy Sec. Raphael P.M. Lotilla for Petroleum Service Contracts and Coal Operating Contracts in BARMM at Malacanang Palace. (KJ Rosales/PPA Pool)
MANILA, Philippines — President Ferdinand R. Marcos Jr. on Thursday said that the national government is ready to tap the natural resources of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) following the signing of a joint circular on energy explorations.
Marcos witnessed the signing of the Intergovernmental Energy Board Circular on Joint Award of Petroleum Service Contracts and Coal Operating Contracts in The Bangsamoro Autonomous Region in Muslim Mindanao, saying that it will help improve the region’s economy.
“With again the hard work that has been put in and the sincere dedication and a commitment to true development in the Bangsamoro Autonomous Region, I am very, very happy that we have arrived at this day so we begin to exploit the riches that truly belong to the Autonomous Region in Muslim Mindanao and certainly to the national government,” said Marcos in his speech.
Marcos said this sets clear and resolute objectives for energy development in the region.
“They aim to facilitate the robust growth of the energy sector in the BARMM and attract vital investments to the area. 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,” the President said.
The President added that the circular sets guidelines to help protect BARMM’s environment.
“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,” said the President.