DTI: Increase In Foreign Investments For Renewable Energy Sector

The Department of Trade and Industry (DTI) said foreign investment interest increased after foreign ownership restrictions were lifted in the renewable energy sector.

DTI said these prospects, worth billions of dollars, showed interest in solar and wind energy and manufacturing equipment for wind turbine towers and parts.

Trade Secretary Alfred Pascual emphasized 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.

“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,” he added.

According to DTI, the Philippines secured $13.76 billion worth of investments in renewable energy from China during the state visit of President Marcos from Jan. 3 to Jan. 5.

Pascual mentioned a “healthy and competitive” business environment in the country 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% of its total energy supply by 2040,” Pascual added.

DTI said Chinese energy companies responded positively toward the Philippines’ policy directions, expressing intent to help the country achieve its National Renewable Energy Program 2020-2040 goals.

The Philippine government aims to increase shares in the Philippines’ power generation mix to 35% by 2030 and up to 50% by 2040.

Source: Inquirer.net