Nearly the entire P427 billion worth of foreign investment approvals this year will be tapped for renewable energy (RE) projects, the Department of Trade and Industry said.
DTI Usec. Ceferino Rodolfo said foreign companies and investors from the European Union (EU) want to provide capital for RE development in the Philippines.
Rodolfo said the past overseas trips of President Ferdinand R. Marcos Jr. boosted the RE sector.
“By the nature of the P427B, I would say about 90 percent of that have been in the sector of renewable energy and will come from EU countries. So, we are counting that really as having been significantly related to the visits of the President,” Rodolfo said during the Palace briefing.
“Napakalaking bagay noon kasi makikita ninyo ngayon ‘yung resulta noong mga pumapasok sa atin, madami doon sa binanggit kong P427B worth of foreign projects are actually in the renewable energy sector, tapos marami doon nanggagaling sa Europe,” he added.
Rodolfo said several foreign companies were enticed to invest in the RE sector because of the administration’s policies and initiatives aimed at fostering a business-friendly environment.
He noted there was no “big player” in the RE sector, until foreign equity restrictions were eased.
“Actually, hanggang ngayon naman, kapag pumapasok ‘yung mga foreign investor natin sa RE, mayroon pa ring local partner. Ang kaibahan lang, puwede na silang pumasok as majority owner,” Rodolfo said.
“Napakalaki kasing bagay noon eh, ‘yung removal of the foreign equity restriction on renewable energy. Kaya kitang-kita mo ‘yung direct correlation between when the Department of Energy, as instructed by the President, removed that. Kita mo kaagad ‘yung pasok ng mga foreign investment.”
During the 10th Asia Summit in Singapore on Sept. 13, Marcos said the Philippines is open to full foreign ownership of RE projects, prodding foreign business leaders to invest in the particular power sector. – PNA