The Board of Investments (BOI), the country’s premier investment promotion agency (IPA), has approved the total investments of renewable energy amounting to approximately $6 billion estimated to create 3,000 new jobs in the country.
Trade and Industry Secretary Alfredo E. Pascual, who is also BOI chairman, announced the RE energy projects during the Philippine economic briefing in Singapore in time for President Ferdinand Marcos Jr. state visit to the country.
Once these committed investment come through, Pascual said they will generate about 3000 new jobs to provide strategic directions to the country's energy requirements. He did not elaborate details of these renewable energy approvals.
Pascual noted that the Philippine energy plan that will run up to 2014 supports a technology neutral approach for optimal energy mix to energy security. “We are continuously pursuing studies on the different energy fuel and technology options, visibility of nuclear energy is also being explored ,” said Pascual.
Meantime, Pascual invited Singapore businessmen and financing institutions in Singapore to explore investment opportunities listed in the Strategic Investment Priority Plan (SIPP).
Under the SIPP, investments for modern agriculture and food processing will enjoy tax and fiscal incentives. Other economic activities that are listed in the SIPP include energy efficient projects, health and medical products, infrastructure projects, green metals and electric vehicles, health and related activities such as vaccine production, defense related activities, steel and chemicals, among others.
“We will leverage the Fourth Industrial Revolution technologies and our existing industry strengths and competencies to upgrade, diversify and reposition the country's global value chain participation over industrialization strategy targets for industry clusters,” Pascual told investors in Singapore.
He noted that industrial manufacturing and transport cluster opens investment opportunities in aerospace, automotive, automotive and semiconductors.
The Philippine aerospace sector has capabilities in flight control actuation and oxygen systems manufacturing, aviation, aerospace engineering, training as well as aircraft maintenance, repair and overhaul MRO for example, located in the Philippines is the number one aircraft interior company in the world.
Aside from Lufthansa Technik Philippines, Pascual said, Singapore Airlines also operate a maintenance facility in the Philippines.