Business & Economy

Marcos Jr. calls for foreign investment in Philippines renewable energy

Manila, Jul 24 (EFE).- Philippine President Ferdinand Marcos Jr. said Monday his country is committed to the energy transition toward renewable energies and that the archipelago “is open to foreign investment” in the sector.

“When it comes to energy, renewables are the way to go. To achieve our green power generation goals, we have opened renewable energy projects to 100 percent foreign capital,” Marcos Jr. said Monday during his second state of the nation address in the plenary hall in Manila.

At the end of last year, the Philippine government approved a constitutional amendment allowing the entry of 100 percent foreign capital in renewable energy projects, which until then was limited to 40 percent, which discouraged investment by foreign companies.

Marcos Jr., elected in June of last year, spoke Monday of the country’s energy needs, in turn “one of the fastest growing economies in the world (7.6 percent in 2022),” and of the Philippines’ objectives in clean energy generation, saying 35 percent of the energy network in 2030 must come from renewables, and 50 percent in 2040.

“Since last year, another 126 renewable energy contracts have been awarded with a potential capacity of 31,000 megawatts. To date, we have more than 1,000 active projects throughout the country: 299 of them solar; 187 wind; 436 hydroelectric; 58 biomass, 36 geothermal and nine oceanic,” he said. EFE


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