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Manila Bulletin devider Business devider DTI sees $13.76-B RE projects

DTI sees $13.76-B RE projects

Published Jan 6, 2023 04:46 pm

The Department of Industry (DTI) has estimated that about $13.76 billion worth of renewable energy (RE) projects, majority of which were generated during the recent visit to China by President Ferdinand R. Marcos Jr., are in the pipeline and in varying investment stages.

Trade and Industry Secretary Alfredo E. Pascual said this following the three-day visit of President Ferdinand R. Marcos Jr. to China where Chinese renewable energy companies have responded positively towards the Philippines' policy directions and have conveyed their interest to invest and help the country realize its National Renewable Energy Program (NREP) 2020-2040 goals.

“There are about $13.76 billion worth of investments in the RE Sector in varying stages in the investment pipeline,” Pascual said in a statement.

DTI said that these projects are leads gathered by the various DTI posts globally, but majority of these potential RE investments were committed by Chinese RE companies during the President’s visit to China. The Board of Investments will facilitate these projects once they finally enter the country.

According to Pascual, the President led the Philippine delegation together with DTI and Energy Secretary Raphael Lotilla, and the rest of the Philippine official delegation in a Roundtable Meeting on Renewable Energy (RE) in China on Thursday, Jan. 5.

The roundtable was also attended by Former President Gloria Macapagal Arroyo, House Speaker Ferdinand Martin Romualdez, Senator Imee Marcos, other members of the Cabinet, and Chinese companies in the RE sector.

“Due to the policy reform implemented in December 2022 that lifted foreign ownership restrictions on RE generation projects, the Philippines saw a significant increase in investment interests,” said Pascual. These are focused on solar and wind, but also include manufacturing of equipment such as wind turbine generator towers, foundations, blades, and other wind turbine parts.

Pascual, who emphasized the importance of the RE Sector in achieving economic development, said "the energy sector is a vital driver of Philippine industrialization and economic growth. For industries to flourish in our country, we need a secure, resilient, and competitive supply of energy. 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.”

Likewise, he boasted that the Philippines now has a healthy and competitive business environment that will enable RE companies to thrive.

"Investors will find that the Philippines, with its geographical advantage, is home to abundant sources of renewable energy. On the policy front, investors will find it relevant that in our existing

Renewable Energy Act, foreigners can own up to 100 percent of renewable energy projects in solar, wind, and tidal energy. This should help the Philippines increase renewable energy’s share to 50 percent of its total energy supply by 2040," Pascual shared.

As issues involving climate change become even more pressing, Pascual said, investments in the RE sector will help the Philippines navigate the path towards a more sustainable business ecosystem.

Further, he said, the sector creates employment opportunities up and down the supply chain.

Related Tags

CHINA VISIT Trade and Industry Secretary Alfredo E. Pascual Renewable energy (RE) National Renewable Energy Program
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