Three big companies will launch the Philippines' first expansive integrated liquified natural gas (LNG) facility in Batangas valued at $3.3 billion.

In a press statement, Meralco PowerGen Corp. and Aboitiz Power Corp. will jointly invest in two gas-fired power plants of San Miguel Global Power Holdings Corp.

These two plants, the 1,278 megawatt Ilijan power plant and a new 1,320 megawatt combined cycle power facility, are expected to start operations by the end of 2024.

The collaboration will substantially augment the country's power supply with over 2,500 megawatt of generation capacity once fully operational, backed by advanced LNG storage and regasification capabilities.

Together with SM Power Group, Meralco PowerGen Corp. and Aboitiz Power Corp., they will invest in almost 100 percent of the LNG import and regasification terminal owned by Linseed Field Corp.

''For the first time, three leading power companies are working together to secure our country's energy needs while transforming towards cleaner power sources. This represents a major leap forward for our energy future, ensuring not just reliability but also cost-efficient power for many Filipinos,'' said Ramon Ang, San Miguel Global Power chairman and president.

''This is a pathbreaking venture,'' said MGen chairman Manuel Pangilinan.

''Apart from transforming the energy landscape of the Philippines, this symbolizes a milestone alliance among major players in the energy industry towards a more sustainable future. We are thrilled to have such reliable partners as we lay the foundation for a brighter, greener future.''

''This is a big win for the Philippines and the people. Economic development is impossible without energy security, and this investment is a definitive step forward in that direction,'' said Sabin Aboitiz, AP chairman. DMS