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