Next to the United States, the Philippines is the second largest producer of geothermal power in the world. Historically, among the country's indigenous resources, it is the largest supplier of electricity and as contained in PEP 2003-2012, it will continue to be a significant source of energy for the country (Figure 5). Based on 2001 data, geothermal generation accounted for 22.2 percent of the power mix. Apart from providing a substantial amount of electricity, geothermal resources, at the same time, help the country save huge amounts of foreign exchange through the displacement of a large fraction of imported fuels. For the next ten years, geothermal energy is projected to displace an average of 25 MMBFOE of imported fuel yearly, equivalent to foreign exchange savings of about US$588.4 million (based on an average crude price of US$25 per barrel).