Energy demand in the Philippines could increase 4-fold by 2040
According to the Socioeconomic Planning Secretary of the Philippines, energy demand in the Philippines could increase by an average 5.7%/year through 2040 under a high economic growth scenario, resulting in a four-fold increase in energy consumption. Indeed, energy consumption in the archipelago has been rising rapidly since 2010 by over 5%/year through 2017.
The Philippine Energy Plan (PEP) 2017 to 2040 of the Philippine Department of Energy (DOE) sets goal for the energy sector by 2040 and focuses on energy security, since the country is heavily dependent on oil imports (only 3% of its oil consumption is covered by domestic production). The DOE aims to boost oil exploration to improve domestic supply.
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