The value of the Philippines' non-renewable energy resources climbed 3.2% to P295.04 billion in 2025, driven by higher valuations of the country's coal, oil, and natural gas reserves, the Philippine Statistics Authority (PSA) reported on Thursday.

Based on preliminary data, the 2025 valuation was the highest since 2023, when the figure stood at P329.27 billion. The PSA added that non-renewable energy resources were equivalent to 0.15% of gross domestic product in 2025. Unlike output or revenue data, the figure is a stock measure — an estimate of what remains in the ground — so it moves with reserve volumes and with the prices used to estimate their worth.

Class A coal reserves — those classified as commercially recoverable, the top tier under the United Nations Framework Classification applied to the PSA's energy accounts — rose 2.3% in value to P253.31 billion, keeping coal the dominant share of the total. Class A oil and natural gas reserve valuations both grew 38.5%, reaching P1.80 billion and P27.04 billion, respectively. In contrast, the value of Class A condensate reserves fell 25.4% to P12.89 billion.

For an economy that imports the bulk of the coal and oil it consumes, the scale of commercially recoverable domestic reserves is a key input into how much of the country's energy supply can be sourced locally.

"The increase in non-renew energy asset values is a positive signal for energy security, but the bigger challenge is turning reserves into reliable domestic supply," Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., said via Viber.

By volume, Class A coal reserves expanded 15.1% to 445.73 million metric tons, while oil reserves rose 4.6% to 434 thousand barrels. Natural gas volumes declined 15.9% to 195 billion standard cubic feet, and condensate volumes dropped 16.7% to 5 million barrels. Domestic natural gas output is anchored by the Malampaya deepwater gas-to-power project off Palawan, which supplies the gas-fired plants that provide a significant share of Luzon's electricity.

The value of non-renewable energy resource rents rose 4% to P42.92 billion, although their share of the economy slipped to 0.15% from 0.16% previously. The PSA defines resource rent as "the surplus value accruing to the extractor or user of an asset calculated after all costs and normal returns have been taken into account."

"The future story is not coal but natural gas, where new discoveries could meaningfully reduce import dependence and strengthen long-term economic resilience," Mr. Ravelas said. The Department of Energy has in recent years awarded new petroleum exploration service contracts as part of its push to develop the country's conventional energy resources, and the preliminary 2025 accounts remain subject to revision in later PSA releases.

Originally reported by Matthew Miguel L. Castillo for BusinessWorld.