Sen. Robin Padilla on Thursday asked Bangko Sentral ng Pilipinas (BSP) Gov. Eli Remolona Jr. whether pursuing joint oil exploration with China in the West Philippine Sea and developing the Philippines into an artificial intelligence hub through the Pax Silica initiative could help strengthen the economy.
During the Development Budget Coordination Committee briefing on the proposed 2027 national budget, Padilla linked the two initiatives to the country's need to address gaps in energy supply and artificial intelligence capabilities.
"Masasabi niyo po ba na ito ay dapat na nating yakapin at dapat na nating sunggaban upang matulungan ang ating ekonomiya?" Padilla asked Remolona.
Remolona said oil exploration could benefit the economy if it is successfully carried out, while noting the need to diversify the Philippines' sources of oil.
"Yung oil will depend mostly on just the oil that goes through the Strait of Hormuz so kailangan ma-diversify yung pinaggagalingan ng oil natin," Remolona said.
Padilla then raised the possibility of developing oil and gas resources in the West Philippine Sea, saying the proposal had been pushed by previous administrations and is also being pursued under President Ferdinand Marcos Jr.
Asked whether successful exploration would help the economy, Remolona agreed with the senator’s assessment, saying it could benefit the economy if successfully pursued.
The BSP chief also expressed support for pursuing the initiative in Congress.
Padilla also asked whether Pax Silica, which has been described as a potential artificial intelligence hub, could help address the country's lack of AI capabilities.
Remolona said it could contribute if the initiative pushes through, particularly by helping the Philippines move toward higher-bandwidth semiconductor production.
"Makakatulong kung matutuloy," Remolona said. "Ang semi-conductors natin ngayon na ginagawa natin, low bandwidth ang tawag, hindi pwede pang-AI. Ang kailangan natin yung high-bandwidth."
Padilla said the initiative could potentially position the Philippines to compete with China in the AI and semiconductor sectors.
"Sana," Remolona replied.
The exchange took place during the DBCC briefing on the proposed fiscal year 2027 National Expenditure Program (NEP) on Thursday, Aug. 27.
