MANILA, Aug. 30 (Xinhua) -- The Philippines' energy requirement is seen to increase four-fold by 2040, or an average of 5.7 percent per year, Philippine Socioeconomic Planning Secretary Ernesto Pernia said on Friday.
"With the Philippines growing steadily over the past five years, the demand for energy has also been rising rapidly," Pernia said in a speech at a forum on renewable energy.
In 2018, Pernia said the country's dependable energy supply was at 21,241 megawatts (MW) while the total peak demand was at 14,782 MW.
From 2014 to 2018, the Philippines' total energy consumption has been growing at an average of 4.22 percent per year.
Moreover, he said "under a high economic growth scenario the country's energy requirement is seen to increase four-fold by 2040, by an average of 5.7 percent per annum."
On the other hand, in terms of waste generation, Pernia said the National Solid Waste Management Commission reported that in 2016, the country generated about 40,000 tons of waste per day.
"While we must meet the power demand to sustain our economic growth, we must also find a way to grow without compromising our environment and draining our natural resources," Pernia said.
"The government has been working earnestly to preserve the country's environment and natural resources," he added.
Energy security is emphasized in the Philippine Energy Plan (PEP) 2017 to 2040 of the Philippine Department of Energy (DOE) which outlines anticipated changes and sets goals for the energy sector by 2040.
The Philippines is heavily dependent on oil imports, making it vulnerable to price volatility.
Philippine Energy Secretary Alfonso Cusi said the DOE is committed to "explore, explore, explore" in its pursuit of energy independence, security, and sustainability through the effective and reasonable development of all indigenous energy resources in the Philippines.
According to DOE data, an annual average of only five wells have been drilled in the country from 2007 to 2017.
Last month, the Armed Forces of the Philippines said a leading energy company has started discussions on a "natural oil exploration project" with the military and officials in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) in the southern Philippines.
The resources in Liguasan Marsh in the BARMM is said to be rich in natural gas deposits and has the potential to rake in revenues for the country.