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Manila Bulletin devider Philippines devider National devider Marcos eyes Singaporean investments in renewable energy

Marcos eyes Singaporean investments in renewable energy

Published Sep 15, 2023 01:50 am

At A Glance

  • Marcos told foreign investors can now enjoy 100 percent equity in the exploration, development, and utilization of solar, wind, hydro, and ocean or tidal energy resources.

President Marcos has invited Singaporean businesses to consider the Philippines as an investment hub for renewable energy (RE) as he bared his administration's efforts to lower electricity rates in the country.

President Ferdinand 'Bongbong' Marcos Jr. (Malacañang photo)
PBBM IN SINGAPORE — Government officials join President Marcos in a roundtable meeting with Singaporean business leaders on the sidelines of the 10th Asia Summit in Singapore on Sept. 14, 2023. (Malacañang photo)

Marcos said this on the sidelines of the 10th Asia Summit Fireside Chat in Singapore on Thursday.

In a roundtable meeting, the President said foreign investors can now enjoy 100 percent equity in the exploration, development, and utilization of solar, wind, hydro, and ocean or tidal energy resources.

"The policy change comes as the Philippines seeks to attract foreign investments to boost the renewable energy sector and to meet our long-term climate targets," he said.

"With this development, I encourage our Singapore partners to consider the Philippines and take part in the country's goal of increasing renewable share in power generation and offering lower cost and cleaner energy to the general public," he added.

According to Marcos, Singapore ranked fifth among the top destinations for Philippine products.

Meanwhile, Marcos highlighted the government's 8-Point Socioeconomic Agenda aimed at reinforcing the economy's steady recovery and high growth trajectory and further promoting infrastructure, achieving energy security, creating jobs, and developing priority industries.

"The Philippines' start-up ecosystem also poses great potential with our young and competent talent who are – with strong government support and dedicated start-up community," he said.

"I invite you to look at the Philippines as your destination for your investment supporting a smart and innovative economy," he added.

Marcos is the first sitting president to address the Milken Institute's Asia Summit. He will be back in the Philippines by Sept. 17.

Related Tags

Bongbong Marcos PH-Singapore renewable energy invest in PH Milken Institute President Marcos
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