Philippines seeks $5 billion natural gas investment

MANILA, Philippines, Oct. 15 (UPI) -- Filipino Energy Secretary Angelo Reyes says the country needs $5 billion in investment in its natural gas sector in the next five years.

The Business Mirror reported Reyes made his observation when talking to investors, maintaining the infusion of capital was necessary to decrease the country's dependence on imported fuel for power generation and public transport.

Reyes told his audience at the Philippine Economic Briefing: "Our policy to diversify energy sources creates various potentials for investments, which include putting up of critical infrastructure to bring the energy to various end-users. Among our top priority is putting up the proposed gas transmission network in Luzon to bring the natural gas from the Malampaya to different economic zones and transports sectors in the area.

"Our commitment is to sustain the momentum gained in attaining energy independence and pursuing power-sector reforms," he added. "We will pursue government-private sector partnership in the development of strategic energy, strategic infrastructures for natural gas."