The Philippines gas industry is largely driven by the power sector, with more than 96% of gas demand stemming from power. The industry is small and has not developed beyond the discovery of the Malampaya-Camago field. This field is expected to go into decline by the early 2020s. Malampaya currently supplies 3,211 MW of gas-fired capacity. LNG will be required to backfill the expected production decline. EWC is building a 1.5-mmtpa LNG terminal in Pagbilao, in southeast Luzon. First Gen, Excelerate and Batangas Clean Energy Inc. are also proposing to build LNG terminals in Batangas. This report presents Wood Mackenzie's view of the LNG supply-demand balance in the Philippines and reviews the key players involved.