A presidential assistant based at the DOE will head the Philippine Strategic Oil, Gas, Energy Resources and Power Infrastructure Office (PSOGERPIO), which Mrs. Arroyo has created.
Under Executive Order No. 474, the PSOGERPIO will promote, assist and fast-track crucial private sector-led oil, gas, energy resources, power and other energy projects to avert an energy crisis.
Mrs. Arroyo said major foreign banking and international financial
institutions have expressed interest in financing agreements with the government to assist the private sector in the development of the country’s energy resources for alternative fuels and cheap power.
"Given the crisis situation that has dawned upon our economy, there is an urgent need, and so it imperative for government to focus and intensify all efforts to promote, develop and fast-track crucial private sector-led oil, gas, energy resources, power and energy projects," read the order.
"With the constraints of time, there is a need to create an office for the purpose of coordinating the efforts of the Department of Energy and other departments and agencies in attracting investors and in promoting the use of indigenous and renewable energy resources and other energy sources to reduce dependence on imported energy and reduce energy cost to the consuming public."
The new office shall develop the five-year Philippine Energy Crisis Strategic Plan (PECSP 2006-2010) which shall outline the projects and strategies in averting any approaching energy crisis.
It is also tasked to aggressively promote, develop and fast-track crucial private sector-led oil, gas, coal and other energy resources and power projects under the PECSP, and certify energy projects as "national priority" based on the plan. — Aurea Calica