Category: Business Mirror

THE Department of Energy (DOE) has identified 12 power firms that would want to avail themselves of the P10-billion geothermal de-risking facility, an official of the Department of Energy (DOE) said.

‘We already know who they are because we need to show the ADB [Asian Development Bank], the Department of Finance [DOF], and the DepDev [Department of Economy, Planning, and Development] the list of those lined up.

We have 12 confirmed candidates, plus five backups in case anyone drops out,’ said DOE Undersecretary Rowena Guevarra.

She declined to identify these 12 firms, but noted that some have foreign partners. ‘So, the next step is for the ADB to issue a tender for the experts who will assist the DOE in evaluating the applications,’ added Guevarra.

The DOE and the Land Bank of the Philippines have established the Philippine Geothermal Resource De-Risking Facility (PGRDF) to reduce financial barriers in early-stage geothermal exploration. Backed by initial support from the ADB, the program employs a risk-sharing mechanism that converts unsuccessful drilling costs into grants while turning successful exploration funds into repayable loans.

The DOE will serve as the executing agency, responsible for policy direction and governance, including the establishment of technical standards, eligibility criteria, and overall program oversight. Landbank will act as the facility administrator and manager, overseeing sub-loan applications, milestone-based funding releases, collections, and program reporting.

‘Geothermal development requires significant investment long before a single kilowatt is delivered to consumers. Through the PGRDF, government is helping de-risk the exploration stage so that viable prospects can move faster from resource confirmation to project development,’ DOE Secretary Sharon Garin said.

The National Geothermal Association of the Philippines (NGAP) is fully supportive of the PGRDF.

NGAP said the PGRDF addresses the high upfront risks of exploration drilling and is expected to revitalize greenfield geothermal development, unlock indigenous baseload renewable energy resources, reduce dependence on imported fuels, and support long-term sustainable development.

‘As the country’s leading organization of geothermal professionals, practitioners, and stakeholders, NGAP remains fully committed to supporting the successful implementation of the PGRDF.

The Association stands ready to provide technical expertise, industry insights, and stakeholder support to help unlock new geothermal investments and maximize the contribution of this indigenous baseload renewable energy resource to the country’s energy security, resilience, and sustainable development,’ NGAP President Jaime Jemuel Austria said.

PHILIPPINE game development companies secured $1.45 million in potential sales during an outbound business mission to Shanghai, China, as local studios sought to expand their foothold in one of the world’s biggest gaming markets.

The delegation, which stayed in China from July 29 to August 4, brought seven Philippine companies to Shanghai, where they pursued business opportunities and showcased their capabilities in game development, art and animation outsourcing, and original intellectual property.

The participating companies were GameOps Inc., HPL Game Design Corp., Monstronauts Inc., Buko Studios, Strobetano, Neun Farben and Cadre Creative Labs.

From July 31 to August 2, the companies joined ChinaJoy 2026, one of Asia’s major gaming industry events, as part of efforts to connect Philippine studios with international buyers, publishers and industry players.

The mission was jointly organized by the Department of Trade and Industry’s (DTI) Export Marketing Bureau and the Philippine Trade and Investment Center in Shanghai.

Trade and Industry Secretary Ma. Cristina Roque said Philippine studios bring together technical expertise and creative capabilities that can compete in the global market.

The China mission comes as the government seeks to push creative and digital businesses into higher-value segments of global supply chains, where game development can generate revenue through both outsourced services and original intellectual property.

The DTI and the Game Developers Association of the Philippines (Gdap) earlier formalized their cooperation through a memorandum of understanding signed on March 9.

The agreement covers industry events, training and capacity-building programs, international market access and platforms for promoting games developed in the Philippines.

The partnership forms part of initiatives under the Philippine Creative Industries Development Act and the DTI’s Malikhaing Pinoy program, which aim to develop the country’s creative industries and expand their access to international markets.

The local game-development sector already has an established outsourcing base. The Philippine Creative Industries Development Plan, using 2020 industry data, estimated that the sector generated about $150 million from external development services.

The same data showed that local developers had produced roughly 1,000 original games, supported by around 4,000 full-time employees and another 6,000 independent contractors working on local and foreign outsourcing projects.

FOR years, the global beauty conversation has been shaped by Korean skincare routines, Japanese minimalism, and French pharmacy staples. Now, a fourth force is stepping into that conversation: P-beauty.

Careline Cosmetics is leading the charge. The homegrown Filipino brand is set to unveil its most innovative launch to date. Stackable makeup formats aren’t new to the world, but a full makeup routine built into a single stackable system is a first of its kind for the Philippine market, and it’s what caught the attention of Dr. Christine Hall, a UK-based medical aesthetics doctor named one of Tatler’s Medics of the Moment and one of the most trusted voices bridging Western and Asian beauty audiences.

Her verdict: ‘This might be the smartest makeup launch yet.’

It’s not the first time Hall has spotlighted the Philippines. She has previously asked her international following whether Philippine makeup is the next big trend, and her early preview of the upcoming Careline launch has already reached over 50,000 views and at high engagement rates within days, well above typical benchmarks for beauty content on the platform.

‘We are so happy to see P-beauty become a global movement,’ said Carmen Torralba, brand manager of Careline Cosmetics. ‘Careline has always believed in giving Filipinas better than basic, and this launch takes that promise further than ever.’

Full details of the launch will follow soon. More information about Careline Cosmetics is available at the brand’s social media pages on Facebook, TikTok and Instagram via @carelineph.

Today, August 31, the Philippines observes National Heroes Day. There will be flags, speeches and wreaths. These are proper acts of remembrance. But if the day ends when the wreaths are laid, we may have remembered our heroes without asking the harder question their lives leave us: what makes a Filipino worthy of being remembered as heroic?

The observance itself began with Act No. 3827 of 1931, which declared the last Sunday of August National Heroes Day. The law did not define a hero. That harder work came later. The National Heroes Committee in the 1990s spoke of heroes as those who possess a concept of nation, struggle for its freedom and order, contribute to its quality of life and destiny, become part of the people’s expression, and think especially of future generations. In 2023, the National Historical Commission of the Philippines codified and refined those standards, adding sacrifice, motive, methods, moral character and influence upon one’s own and succeeding ages. The Commission kept an equally important principle: heroes emerge through public acclaim and the judgment of time; they are not manufactured merely by proclamation.

The standard is therefore demanding.

Achievement is not heroism. Celebrity is not heroism. A championship, prize, title or famous name may make a nation proud without placing its possessor beside Rizal, Bonifacio, Aguinaldo, or Mabini. Heroism begins when excellence passes beyond the self -when talent becomes service, success becomes responsibility, sacrifice enlarges freedom, and a life changes the possibilities of those who come after.

That is why 1872 remains our great hinge.

On February 17, Fathers Mariano Gomez, Jose Burgos and Jacinto Zamora were executed at Bagumbayan. Their deaths did not immediately produce a revolution. They produced something quieter: questions.

Rizal was 10. Bonifacio eight. Mabini seven. Lopez Jaena 15. Marcelo del Pilar was 21. Jacinto had not yet been born. Aguinaldo was only three. They were not yet heroes. They were unfinished Filipinos living beneath an injustice whose meaning would deepen with time.

Memory fermented.

It moved from GOMBURZA into reform; from La Solidaridad into Rizal’s novels; from argument into organization; from Bonifacio and the Katipunan into 1896. Mabini would give political thought and moral rigor to the revolutionary state. Jacinto would give the Katipunan an ethical vocabulary. Aguinaldo-controversial, imperfect, as historical actors usually are-would nevertheless help carry revolution into sovereignty: independence was proclaimed under his leadership; the Philippine flag was officially unfurled; the Marcha Nacional Filipina was publicly played; and the First Philippine Republic emerged.

Memory became conscience. Conscience became purpose. Purpose became action.

Can 2026 be spoken of beside 1872? Not as an equivalent. We live under no identical colonial terror, and we should not manufacture a new pantheon simply because Filipinos win abroad. But 2026 may be another kind of hinge: old limitations are being challenged by artificial intelligence, global communication, science, and new fields of excellence. Young Filipinos increasingly ask not whether they are permitted to enter the world’s great arenas, but what they will do once there.

Here we must distinguish achievers from heroes.

The Philippines has abundant exemplar-achievers. Pacquiao showed that a poor Filipino fighter could conquer world boxing. Lea Salonga broke barriers on Broadway and the West End. Nora Aunor carried a distinctly Filipino sensibility into international cinema. Carlos Yulo placed Philippine gymnastics atop the Olympic podium. Gemma Cruz, Margie Moran and Pia Wurtzbach widened our international visibility; Paeng Nepomuceno and Efren Reyes became masters of their sports; SB19 showed that Filipino pop could travel far beyond our shores.

Each enlarged confidence. None becomes a national hero simply because of applause. The medal, trophy, crown, or ovation is only an episode. Heroism asks what the whole life means to the nation.

Some modern lives come closer to that harder measure. Fe del Mundo turned medical brilliance into lifelong service to Filipino children. Ramon Barba converted scientific perseverance into agricultural progress benefiting generations. Hidilyn Diaz’s gold was magnificent, but more enduring was the long discipline through obscurity, failure, and return that transformed personal struggle into national possibility.

And then there is Alexandra Eala.

By August 2026, at 21, she had already become the first Filipino to win a WTA Tour singles title and the first from the country to reach the second week of Wimbledon. Yet these achievements alone are not why she matters here. She enters a sport where the Philippines once seemed almost absent and carries her identity without apology: PHI beside her name, the flag in foreign grandstands, Filipino symbols in her public presence. More important are the habits beneath the spectacle-discipline after defeat, composure under pressure, humility in victory, gratitude to those who carried her, and her own insistence that representing the Philippines makes what she does ‘bigger than myself.’

A champion tells Filipino children that we can win.

An exemplar asks them what kind of people they will become when they do.

That is the bridge between 1872 and 2026. The first generation had to discover that Filipinos could become a nation. Ours must discover what kind of nation Filipinos will build when technology and opportunity give them powers earlier generations could scarcely imagine.

The printing press did not create Rizal’s conscience. Artificial intelligence will not create ours.

Tools enlarge power. Character gives power direction.

So perhaps National Heroes Day should ask not merely, whom do we remember? It should ask: who among us is turning talent into service, freedom into responsibility, achievement into sacrifice, and memory into action for people not yet born?

We need not name the heroes of 2026. History needs time, and heroism should be difficult to earn.

Our task is to keep the standard high.

For the finest wreath we can offer our heroes is not made of flowers.

It is a life lived so that somebody after us may walk a wider road.

Dr. Pablo S. Trillana III is the former chair of the National Historical Institute, which is now the National Historical Commission of the Philippines. He is a distinguished historian who has also served as the president of the Philippine Historical Association.

CALLS to protect Sibuyan Island from destructive mining activities continue to gain support from various stakeholders.

Last week, led by Sibuyan’s local officials, a petition appealing to protect Sibuyan, signed by over 31,000 individuals from Romblon, was formally turned over to Environment and Natural Resources Secretary Juan Miguel T. Cuna.

The petition is in support of calls to protect Sibuyan Island, particularly from large-scale metallic mining, and to act on the pending petition to cancel the Mineral Production Sharing Agreement (MPSA) of Altai Philippines Mining Corporation (APMC).

Of these, 27,000 signatures came from Sibuyan Island-roughly 77 percent of the island’s voting population-while another 4,000 came from Tablas Island, demonstrating broader province-wide support for Sibuyan’s protection.

The signatures were formally turned over by Romblon Gov. Trina A. Q. Firmalo-Fabic, Sangguniang Panlalawigan Member Cary V. Falculan, and San Fernando Mayor Fernando U. Marin, together with representatives of Bayay Sibuyanon Inc., Sibuyanons Against Mining, Bantay ng Kalikasan ng Sibuyan, Nature Ambassadors of Sibuyan, and Alyansa Tigil Mina.

Also submitted were recent resolutions and official actions from the Sangguniang Panlalawigan of Romblon; Sangguniang Bayan of San Fernando; the municipalities of Banton, Concepcion and Odiongan; and barangays Taclobo and España.

Faith-based statements and resolutions were likewise presented from the Romblon Ecumenical Forum Against Mining (Refam), Iglesia Filipina Independiente (IFI) Diocese of Odiongan, Clergy of the Diocese of Romblon, and Romblon Diocesan Council of the Laity (RDCL), together with statements from Catholic dioceses surrounding Sibuyan representing an estimated 9.6 million Roman Catholics. The turnover continues a long history of province-wide opposition to destructive mining.

In 2012, 128,346 signatures gathered from across the province of Romblon were also formally submitted to the DENR, demonstrating that the present call builds on more than a decade of organized public action to protect the province’s islands and natural resources.

The delegation urged DENR to act on the pending petition for cancellation of APMC’s MPSA 304-2009-IVB, citing Sibuyan’s exceptional biodiversity and watersheds, local government actions, sustained community opposition, and the province’s policy direction toward environmental conservation, protection and rehabilitation, ecologically sustainable development, and climate and disaster resilience.

Embracing artificial intelligence in the age of information technology, the Department of Agrarian Reform (DAR), through the Support to Parcelization of Lands for Individual Titling (SPLIT) Project, conducted its AI Tools Training in Multimedia Content Production for Media Writers and Graphic Artists to strengthen the communication and multimedia production capabilities of its personnel through the effective and responsible use of artificial intelligence (AI) tools.

Led by the External Affairs and Communications Operations Office (EACOO), in partnership with the Public Information Service (PIS) and the SPLIT Strategic Communications and Media Support (StratComms), the five-day training sought to enhance the participants’ competencies in writing, graphic design, photo and video editing, and other multimedia production skills using various AI-powered tools.

Moreover, the activity promotes the responsible and ethical use of AI to improve productivity, efficiency, creativity, and innovation in producing communication materials for the Department.

Present during the training was Assistant Secretary Jose Jenil C. Demorito, concurrent National Technical Adviser for the SPLIT-StratComms, who underscored the importance of embracing emerging technologies while ensuring that their use remains guided by accuracy, accountability, and professional judgment.

‘AI is a powerful tool that can help us become more efficient and innovative in communicating the Department’s programs and accomplishments. However, it should complement-not replace-the creativity, judgment, and responsibility of our communication professionals,’ Asec. Demorito said.

He encouraged the participants to maximize the opportunities presented by AI while remaining mindful of the importance of fact-checking, originality, data privacy, intellectual property, and ethical considerations in developing official government communication materials.

The training featured hands-on activities and practical exercises designed to familiarize participants with AI-assisted tools and workflows for content development. Participants explored applications for refining written content, enhancing and editing photographs, videos, and multimedia production. The activity is also in line with DAR Secretary Conrado M. Estrella III’s thrust toward digitalization and modernization, which seeks to harness technology and innovation to make the Department’s systems, processes, and services more efficient, responsive, and accessible. By strengthening the digital competencies of its personnel, DAR aims to build a more agile workforce capable of adapting to emerging technologies and utilizing them to advance the Department’s mandate and better serve its stakeholders.

The August 17-21 training served as the first of three batches of the AI Tools Training. The first batch brought together participants from the MIMAROPA and Visayas regions, while the second batch is scheduled for August 25-29, 2026, for participants from the Mindanao Group. The training will conclude with the third batch on September 15-19, 2026, which will cater to participants from the Luzon Group.

Through the training, DAR continues to equip its communication personnel with relevant digital skills and innovative tools to effectively communicate the Department’s programs, services, and accomplishments, while upholding the principles of responsible and ethical technology use in public service.

DMCI Project Developers Inc., the real estate development arm of Consunji-led DMCI Holdings Inc., said it is developing a socialized housing project to meet the government requirements for real estate companies to build affordable homes for the people.

Alfredo R. Austria, the company’s president said, the first phase of the project covers around 4,000 units, which it would build in about four to five 18-storey buildings. Each building would have average of 800 units.

The units will be smaller at around 20 to 27 square meters, he said.

‘For 27 square meters, their regulation, you set it for P1.8 million. So, you qualify for the socialized housing program. It’s not tax incentives, but it’s actually required by developers,’ Austria said, referring to the regulation of Department of Human Settlements and Urban Development.

‘If you’re not going to do socialized housing, you’ll have to pay for socialized housing development. Instead of paying those fees, we thought of doing the socialized housing. But of course, it’s challenging because how will it be affordable? What are the ways in design and construction? We really have to sharpen our pencils to reach that price (P1.8 million).’

He said the company is doing the socialized project-its first-for several months now as ‘quality and affordability is important.’

In order for the design to be efficient, Austria said it needs several iterations. ‘Design is essentially an iterated process.’

‘So, if it’s several iterations, it takes a long time. You make a design, cost it, look at it, and if it’s a bit more expensive, you redesign it. Cost estimate it again, redesign it again.’

He said DMCI’s differentiation with other socialized houses is that theirs will have lots of open space.

‘It’s still a resort type,’ Austria said, referring to the previous condominiums that it had built.

Under the law, developers of primary residential subdivision and condominium projects must allocate a baseline percentage of their total project cost or total project area to socialized housing.

For subdivision projects, 15 percent of the main project’s cost or area should be channeled to socialized housing, and 5 percent for condominium projects.

THE National Solid Waste Management Commission (NSWMC), the primary government agency tasked with implementing Republic Act 9003-also known as the Ecological Solid Waste Management Act of 2000-is operating on a tight budget: It has zero appropriation and relies only on a meager budget provided by the Department of Environment and Natural Resources-Environmental Management Bureau (DENR-EMB).

This was disclosed during the public hearing of the House Committee on Appropriations on August 26, tackling the DENR’s proposed P28.04 billion budget for 2027.

Ignatius Loyola A. Rodriguez, DENR Undersecretary for Special Concerns and Legislative Staff and concurrently the NSWMC chair, said the unit has no budget, adding that it only gets around P3.5 million a year from the budget of the DENR-EMB, which acts as the secretariat.

Because of this tight budget, the NSWMC has no staff, who are supposed to be the ones monitoring the implementation of the law.

Operating under the Office of the President, the NSWMC is chaired by the Secretary of the Department of Environment and Natural Resources (DENR). The Environmental Management Bureau (EMB) provides secretariat and technical support to the commission. Deputy Majority Leader Jose J. Teves Jr. slammed the failure of the NSWMC for failing to implement RA 9003.

He said the DENR-EMB is mandated to monitor the implementation of environmental laws, including RA 9003.

Teves recalled that in the last budget hearing, when now DENR Secretary Juan Miguel Cuna was only an Assistant Secretary, he promised to ‘fix the garbage problem.’ However, years later, the same problem persists, asking anew how the DENR chief plans to address the solid waste management problem that contributes to severe flooding.

In response, Cuna said an interagency meeting was held recently in response to the severe flooding blamed poor enforcement of the garbage law.

On top of proposals such as a ban on single-use plastics, he underscored the importance of implementing the law, from segregation to disposal to sanitary landfills.

‘Improper waste disposal is the root cause of the contribution of solid waste to the flooding,’ he said, adding that during the meeting, which included the DPWH and DILG, stricter monitoring and enforcement are needed.

Atty. Michael Drake P. Matias, Director of the DENR-EMB, said while 92 percent of local government units (LGUs) have approved 10-year Solid Waste Management Plans by NSWMC, only a few LGUs are actually implementing them.

‘Our focus right now would be to monitor the compliance of these plans as approved by the NSWMC. The plans include segregation at source, segregated collection, and as mandated by law, only residual waste should go to sanitary landfills,’ he said.

He also noted that what is being dumped in sanitary landfills is mixed waste, which is why the landfills are quickly filled with garbage.

Matias said an order has been handed down to the DENR’s Regional Offices to monitor compliance with the law.

Teves, however, noted that while there may be waste segregation, he asked whether the NSWMC has partners to speak off to collect the recycled garbage.

Rodriguez, however, said that since it was set up, the NSWMC has been working with various stakeholders and in partnership with the local government units (LGUs), nongovernment organizations, and community-based groups.

‘Because we have no staffing, it’s the Commissioners themselves that do the rounds to check the compliance. If I am not mistaken, only 15 to 20 [LGUs] are being inspected,’ he said.

He added that the NSWMC has already asked the DILG to create and activate the Barangay Solid Waste Management Commission, prodding LGUs to pass an LGU resolution or ordinances to that effect.

Meanwhile, in a statement, the DENR said while it is undertaking sustained cleanup of waterways, it is also looking at longer-term measures to address the recurring problem of pollution in waterways, rivers and drainage systems.

Cuna underscored the value of Extended Producer Responsibility (EPR) and the Philippine Ecosystem and Natural Capital Accounting System (Pencas) as complementary long-term approaches in managing plastic waste.

Under Republic Act No. 11898, or the Extended Producer Responsibility Act of 2022, covered enterprises are required to establish programs for the recovery and diversion of plastic packaging waste, with an 80-percent plastic waste diversion target by 2028.

Alongside prevention at the source, DENR also sees Pencas as a tool to strengthen deterrence against repeated abuse of natural resources, including water resources. Pencas provides a framework for recognizing the true value of natural resources and the ecosystem services they provide. By improving how these resources and services are valued, the environmental costs of damage can be better recognized, giving habitual violators greater reason to think twice before repeating activities that harm waterways and other ecosystems.

Currently, the Department is utilizing 196 trash traps to collect floating and accumulated waste from waterways, while mobilizing 1,500 Estero Rangers and River Warriors to monitor and clean esteros and rivers in the National Capital Region.

DENR is likewise continuing its Adopt-an-Estero Program, under which around 20 private companies, organizations, and government agency partners have adopted designated esteros to undertake corresponding cleanup, rehabilitation, and maintenance activities.

‘However, while sustained cleanup is necessary to keep waterways clear and reduce the immediate risks posed by accumulated garbage, it cannot by itself solve the country’s recurring garbage problem,’ Cuna stressed. ‘Long-term solutions must also address the problem at its source and strengthen measures that can discourage repeated abuse of natural resources.’

Cuna noted that recent cleanup operations in waterways across the country highlighted the urgency of these measures. ‘Nonetheless, the continuing presence of garbage in waterways also highlights the need for everyone to do their part in preventing waste from reaching these water bodies,’ he added.

‘With government, businesses, local governments and the public working together, the Department is working to shift the focus from repeatedly cleaning up garbage to preventing improper waste management from becoming a recurring threat to waterways, communities and the environment,’ he concluded.

THE University Athletic Association of the Philippines (UAAP) is adjusting its Season 89 collegiate men and women basketball schedule in September to give way to the national teams’ campaign in the Aichi-Nagoya 20th Asian Games and the FIBA 3×3 Under-23 World Cup 2026 in Wuhan, China.

‘The support of the UAAP is important to our national team programs, especially with so many of our student-athletes being called up to represent the country,’ Samahang Basketbol ng Pilipinas Executive Director Erika Dy said.

‘We appreciate the UAAP for working closely with us and for making the necessary adjustments to accommodate our national team commitments,’ she added.

‘We have always believed that the UAAP’s mission goes beyond the competition,’ said UAAP Season 89 president Mark Molina of host Far Eastern University (FEU).

The UAAP Season 89 opening ceremony will be held on September 12 at the SM Mall of Asia Arena with Vice Ganda and Gloc-9 headlining the festivities.

The first game day will be on September 13 at the Smart Araneta Coliseum with FEU facing Adamson University at 12 p.m., followed by defending champion De La Salle University taking on National University at 2:30 p.m. in a rematch of last season’s Final Four.

University of the Philippines will then square off against University of Santo Tomas (UST) at 6 p.m. Separate tickets will be sold for the UP-UST game.

On September 16 at the MOA Arena, Ateneo de Manila University and University of the East will make their season debuts at 3 p.m., followed by De La Salle versus UST at 5:30 p.m.

September 19 at the SMART Araneta Coliseum will see National University taking on UE at 3 p.m., followed by Round 1 of the Battle of Katipunan between Ateneo and UP at 5:30 p.m.

The September 26 play date features another triple-header at the MOA Arena-Ateneo facing Adamson at 12 p.m., UE against FEU at 2:30 p.m. and UP against NU at 6 p.m.

Separate tickets will be sold for the UP-NU game.

On September 30, Adamson University faces UST at 3 p.m., followed by FEU versus La Salle at 5:30 p.m. at the MOA Arena.

FEU’s Cabs Cabonilas and Jedric Daa and Adamson University’s Earl Medina are competing in the FIBA 3×3 Under-23 World Cup which runs from September 15 to 19.

De La Salle’s Luis Pablo and Doy Dungo and UST’s Koji Buenaflor will suit up for Gilas Pilipinas in the Asian Games which will be held from September 21 to 25.

The collegiate women’s basketball tournament will also have a late start as the Gilas Pilipinas teams for the Asian Games-both 5-on-5 and 3×3-and the Under-23 World Cup are expected to be composed largely of UAAP student-athletes.

‘We are very grateful to the UAAP for its understanding and support of our 3×3 program and our national team athletes,’ SBP 3×3 basketball program director Ryan Gregorio said.

Besides a social media post from President Donald Trump, the White House has said little about what he is calling ‘THE BIGGEST OIL DEAL IN WORLD HISTORY’ in Venezuela.

Trump said the agreement announced Friday night would give the United States a stake in Venezuela’s vast oil reserves, a step toward his goal of extracting energy from the country after American forces captured then-President Nicolás Maduro in a middle-of-the-night raid in January and brought him to New York to face federal drug trafficking charges.

Venezuela’s acting president, Delcy Rodríguez, described the deal as a step toward economic recovery that will modernize the country’s oil industry. She said Saturday that the oil reserves would ‘cease to be an inert, cold statistic and will instead become concrete solutions. Housing is one of them.’

She spoke while touring reconstruction efforts following the deadly twin earthquakes that hit in late June, noting that thousands of families were left homeless.

‘What we are doing is for the development of the country, but above all, to serve the Venezuelan people, to provide them with more jobs, better wages, and access to public services such as water, electricity, hospitals, schools and adequate food,’ she said.

But the answers to many questions, including how soon the reserves could be drilled and who will pay to make it happen, were not immediately clear. No text of any agreement has been released.

A look at what is known and unknown:

What are the terms?

The US government and an unnamed private operator in Venezuela formed a new company that was given the rights to untapped oil fields for 100 years.

A statement from Rodríguez said the deal involves the development of 17 fields with a proven potential of 65 billion barrels. It said the agreement could draw $100 billion in investment into Venezuela’s oil industry and yield over $209 billion in taxes for Caracas.

Trump said the agreement was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Rodríguez.

The deal gives the United States 55% effective output of the new private company, including an ownership stake and rights to buy oil at cost. American purchases of the oil will go toward the US strategic oil reserves along with the military, according to a US official who was not authorized to discuss the matter publicly and spoke on the condition of anonymity.

The company would be the second largest corporate holder of proven reserves after Saudi Aramco, according to the official.

Will gas prices go down?

Probably not any time soon.

Trump says the deal will help lower gas prices for Americans. That is an important objective for the Republican president as the Iran war slows the shipping of Persian Gulf oil and keeps prices elevated months before November elections in the United States.

But experts have repeatedly warned that Venezuela’s dilapidated oil infrastructure will take years and billions of dollars to repair. A substantial boost in production is not expected to happen quickly.

The deal could be ‘helpful in the long run, but it’s not going to do anything to change the price of gasoline at the retail station for Labor Day weekend,’ said Amy Myers Jaffe, director of the Energy, Climate Justice and Sustainability Lab at New York University.

Neither side made clear who would pay for infrastructure investments and at what cost.

The average price of gas in the US stood at about $4.08 a gallon on Saturday, according to AAA. The average price was $3.20 at the same time last year.

Kevin Book, managing director at ClearView Energy Partners, said the oil industry is awaiting clarity on the deal’s details. Venezuela has room to increase its oil production, he said – in the past it produced more than 2.5 million barrels a day above current levels – but investments of this scale don’t happen quickly.

‘It’s going to take time – many years – to deploy that much capital and produce the kind of incremental results that history suggests possible,’ Book said.

How will Venezuelans react?

Some in Venezuela considered it a betrayal of what their government has stated repeatedly for decades: Venezuelan resources are for Venezuela, and leaders would not allow the US government access to those resources.

At a market in eastern Caracas on Saturday, Douglas Borjas said he was upset about the announcement.

‘I think they’re doing it to cling to power,’ he said of Venezuela’s leaders. ‘It’s like, ‘I’m giving you a vast amount of petroleum as long as you leave me alone here in power.”

He added: ‘The Venezuelan people deserve better. Venezuela has resources that can be exploited, but for the benefit of the people, not for the benefit of the corrupt elite.’

Harvard University professor Ricardo Hausmann, a former Venezuelan planning minister, called it a ‘shameful deal.’

‘Venezuelans will not respect this illegitimate deal and no major US oil company will take it seriously because they know it will not last,’ Hausmann said on social media, adding that Rodríguez ‘has no legitimacy or constitutional power to commit Venezuela to any such deal.’

What’s the reactionon Capitol Hill?

It is unclear whether Congress will play a role in the arrangement, but lawmakers from both parties were quick to weigh in.

Trump allies called it a win.

Sen. Bernie Moreno, R-Ohio, said it was a historic deal that helps both countries. ‘If it were up to DC Democrats, Maduro would still be in power, Venezuelan oil would be going to China at half price, and the people of Venezuela would be getting robbed by a corrupt regime,’ Moreno wrote on social media.

It was condemned by Democrats who said Maduro’s capture was a means to this end.

Sen. Tim Kaine, D-Va., said Trump was always after Venezuela’s oil, branding it ‘corruption at epic scale.’

‘Will prices come down for Americans? Who knows but likely not as much as Trump has forced them up thru his idiotic Iran War,’ Kaine said on social media.

Sen. Chris Van Hollen, D-Md., said Trump ‘put our service members at risk to get Venezuelan oil for his billionaire buddies.’

What questions remain?

Many important details remain unclear, including who will cover necessary investments, the identity of the private operator and how America’s stake in the company breaks down.

The US will get 55% of the company’s effective output, but it was not clear what portion of that comes from an ownership stake and how much comes from the right to buy oil at cost.

It also is unclear how the industry will react. Persuading big American oil companies to return to the region could prove a challenge given the political uncertainty and damaged infrastructure.

Chevron, the only US oil company actively producing in Venezuela, declined to comment. Separately from Trump’s announcement, Chevron already had been in talks to expand investment in the country. Exxon Mobil also declined to comment.

David Oxley, chief climate and commodities economist at Capital Economics, said that on its face, the deal could double US oil reserves and reduce dependence on crude oil from Canada and Mexico. But Oxley, writing in a commentary, cautioned that there are logistical hurdles and said the value of Venezuela’s reserves may have been exaggerated under former President Hugo Chavez.

Even with legal and security guarantees, it is not clear that US oil companies ‘would be eager to invest,” he wrote, noting that ‘there simply might be more enticing commercial opportunities on offer elsewhere.”