RESOURCES

It is not obscure that oil is one of the most important sources of energy in the Philippines which provides approximately 90% of the country’s total energy requirements. Local petroleum industry representatives anticipate that the rate of growth will be more than 11% during the next decade as the rate of increase of oil importation will rise further in line with the growing industrialization of the country.¹

According to BMI’s latest Philippine Oil and Gas Report, the country accounted for 1.26% of Asia Pacific regional oil demand last 2015. Philippine oil production was forecasted to rise by 7.8% between 2010 and 2020 making Philippines rank at sixth place in BMI’s composite Business Environment league table.²

¹ Langlay, K. M. (n.d.). The Economics of the International Petroleum Industry and the Economy of the Philippines [PDF].

² Industry Facts. (n.d.). Retrieved October 27, 2017, from http://oilgasphil.com/post/18/Industry-Facts.html