The Department of Trade and Industry (DTI) on Friday said the country was seeing a significant increase in investment interest after it lifted foreign ownership restrictions in the renewable energy sector.
The trade department said these prospects, worth in the billions of dollars, were focused on solar and wind energy, including manufacturing of equipment such as wind turbine generator towers, foundations, blades and other wind turbine parts.
Trade Secretary Alfred Pascual highlighted the importance of the renewable energy sector in achieving economic development.
“For industries to flourish in our country, we need a secure, resilient and competitive supply of energy,” Pascual said, adding:
“In the face of climate change and the worldwide shift to green development, the Philippine government finds renewable energy to be a long-term solution to our sustainable development.”
The DTI said the country has secured $13.76 billion worth of investments in renewable energy from China alone during the three-day state visit of President Marcos there from Jan. 3 to Jan. 5.
Interest in energy production
Pascual also touted a “healthy and competitive” business environment in the country, which he said would enable renewable energy companies to thrive.
“Investors will find that the Philippines, with its geographical advantage, is home to abundant sources of renewable energy,” he said.
“This should help the Philippines increase renewable energy’s share to 50 percent of its total energy supply by 2040,” he added.
The DTI said Chinese energy companies have responded positively toward the Philippines’ policy directions, conveying interest to help the country achieve its National Renewable Energy Program 2020-2040 goals.
The government wants to increase to 35 percent renewables’ share in the Philippines’ power generation mix by 2030, and to 50 percent by 2040.