Three major electric power companies in the Philippines agreed last month to jointly invest $33 billion in a liquefied natural gas (LNG) plant and promote the use of clean energy and increase the country's power generation capacity.

The three companies are Meralco PowerGen Corp (MGen), Aboitiz Power Corp and San Miguel Global Power Holdings Corp (SMGP). The agreement focuses mainly on the joint operation of the LNG import terminal in the province of Batangas in Luzon, which has a gas liquefaction facility.

This terminal owned by Linseed Field Power Corp, a subsidiary of energy infrastructure company AG&P, received LNG for the first time in April 2024. The three major power companies will hold nearly a stake of close to 100% of Linseed Field Power Corp. They plan to supply imported LNG to two power plants in Luzon.