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Manila Bulletin devider Business devider Trade & Industry devider LandBank, DOE launch ₱23-billion facility for clean energy

LandBank, DOE launch ₱23-billion facility for clean energy

Published Dec 16, 2025 04:22 pm
The Department of Energy (DOE) and state-run Land Bank of the Philippines established a ₱22.8 billion peso facility to accelerate geothermal exploration by absorbing the high financial risks associated with early-stage drilling.
The DOE and LandBank signed a memorandum of agreement Tuesday for the Philippine Geothermal Resource De-risking Facility, a program supported by a sovereign loan from the Asian Development Bank.
Under the partnership, the DOE will set technical standards and oversee the program, while LandBank will manage sub-loan applications, collections, and milestone-based funding releases.
The initiative targets the most capital-intensive phase of renewable energy development, where high upfront costs and the uncertainty of drilling outcomes often deter private investment. By mitigating these risks, the government aims to advance "greenfield" prospects—untapped sites—toward commercial production.
Energy Secretary Sharon Garin said the facility will help unlock reliable, indigenous, and low-carbon resources, noting that geothermal projects require significant capital long before generating power for consumers.
The program is designed to move viable prospects faster from resource confirmation to project development, strengthening the nation’s energy security.
Energy Undersecretary Rowena Guevara said the de-risking mechanism will allow the country to expand geothermal capacity beyond the targets currently set in the Philippine Energy Plan 2023-2050.
She added that by widening the pipeline of investible opportunities, the Philippines can reduce its exposure to volatile imported fuel prices and ensure a more resilient power system.
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