President Ferdinand R. Marcos Jr. witnesses the signing ceremony of the Intergovernmental Energy Board (IEB) Circular for Joint Award of Petroleum Service Contracts (PSCs) and Coal Operating Contracts (COCs) in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) at Malacañan Palace on July 6, 2023
COTABATO CITY—Department of Energy (DOE) of the national government and BARMM’s Ministry of Environment, Natural Resources and Energy (MENRE) have signed Thursday, July 6, a circular through the Intergovernmental Energy Board (IEB) to jointly award Petroleum Service Contracts (PSCs) and Coal Operating Contracts (COCs) in BARMM.
The circular aims to facilitate the growth of the energy sector and attract foreign investments in the region and will kickstart the application process for PSCs and COCs in the BARMM once implemented.
It also outlines the requisite requirements, procedures, and standards for companies, seeking to apply for and operate PSCs and COCs and ensure that exploration and development activities will adhere to stringent rules and regulations, and best practices.
Prior to the signing, Chief Minister Ahod Ebrahim thanked President Ferdinand Marcos Jr., who personally graced the signing of the document.
Ebrahim said this initiative manifests the unwavering commitment of the government of the Philippines and the Bangsamoro autonomous region to work together to sustain the dividends of the peace process.
“The signing of this important document on the energy sector that establishes the policies and guidelines for the joint exercise of the Bangsamoro Government and the national government is another milestone, not only advancing energy security in the Bangsamoro but also having a positive effect on our growing economy,” Ebrahim said.
Meanwhile, the President, who described the signing as a “momentous occasion”, underscored the economic opportunities and potential of the Bangsamoro region with the unwavering support and commitment of the national government.
“The national government remains fully committed to working hand-in-hand with the Bangsamoro government in its journey for sustained progress,” President Marcos said.
President Marcos emphasized in his message that BARMM is part of the development process.
“By harnessing the enormous energy potential within BARMM, we will reduce our reliance on external sources, mitigate the detrimental impacts of price fluctuation and build a solid foundation for our country’s energy security,” the President added.
Section 10, Article XIII of Republic Act No. 11054 or the Organic Law for the Bangsamoro Autonomous Region stipulated that the Bangsamoro Government and the National Government shall jointly exercise the power to grant rights, privileges, and concessions over the exploration, development, and utilization of uranium and fossil fuels such as petroleum, natural gas, and coal in the territorial jurisdiction of the Bangsamoro. (Abdullah Matucan/BIO)
