President Ferdinand R. Marcos Jr. witnesses the signing of the Intergovernmental Energy Board (IEB) Circular on the Joint Award of Petroleum Service Contracts (PSCs) and Coal Operating Contracts (COCs) in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) in a ceremony at the President’s Hall in Malacañan Palace on July 6, 2023.
The Joint Guidelines aim to operationalize the provisions of the Bangsamoro Organic Law (BOL) that empowers the National and Bangsamoro Governments to jointly grant rights, privileges and concessions for the exploration, development and utilization of fossil fuels such as petroleum, natural gas and coal within the jurisdiction of the said Region.
Recognizing the significance of ensuring the responsible utilization of energy resources and strengthening the collective goals of both Governments, this endeavor will contribute to energy security of the country and will open opportunities for economic growth in BARMM, which is aligned with the Marcos Administration’s eight-point socioeconomic agenda.
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