TAGUIG CITY— The Philippine government is already in pursuit of renewable energy transition, according to Trade and Industry Secretary Fred Pascual.
In his message during the Offshore Wind Conference, Secretary Pascual said, “The Philippines stands at the threshold of a significant transformation. Our geographical position puts us in an enviable position to harness the power of renewable energy. Renewable energy isn’t merely an option for us but a necessity. Thus, our government is ardently promoting using and developing renewable energy sources.”
The conference, organized by the China Energy Engineering Group Guangdong Electric Power Design Institute Co., Ltd. (GEDI)., gathered various government agencies and Philippine and Chinese companies to discuss the country’s plan and policies for developing renewable energy.
The Trade and Industry Secretary emphasized that the Philippines’ abundant natural resources together with its long coastline and excellent wind resource are significant in the country’s pursuit of sustainable power generation.
As the energy demand in the country continues to rise, renewable energy remains one of the priority sectors of the Marcos administration. During President Ferdinand R. Marcos Jr.’s recent trip to Beijing, he encouraged Chinese and other foreign firms to invest in renewable energy projects in the Philippines.
Last May 21, 2023, President Marcos Jr. signed Executive Order (EO) No. 21, mandating the creation of a policy and administrative framework for the optimal development of offshore wind resources in the country. This includes the integration into the Energy Virtual One Stop Shop (EVOSS) System of applicable permits required by relevant Permitting Agencies for offshore wind activities.
The Department of Energy (DOE) also issued a circular allowing 100% foreign equity in renewable energy projects in the Philippines. The trade chief considers this a significant stride in the efforts to attract more investments in renewable energy.
Secretary Pascual shared, “Chinese investors and businesses can rely on the country’s roadmap in offshore wind development. Launched in April 2022 and initiated by The World Bank Group in partnership with the DOE, the roadmap identified the country’s offshore wind potential, opportunities, and challenges, among others.”
As of December 2022, the country already awarded 190 onshore and offshore Wind Energy Service Contracts—with offshore contracts mainly in Luzon alongside Panay and Guimaras Strait.
Likewise, in the first quarter of 2023, the Board of Investments (BOI) approved three offshore wind projects with a total capacity of 1,300 megawatts and an estimated investment cost of more than PHP 390 billion. As Secretary Pascual concluded his speech, he expressed the country’s readiness to embrace the opportunities for renewable energy and offshore wind power, “With our rich resources, supportive investment environment, and forward-looking energy policies, we are poised for a future where our energy is as clean as the winds that blow across our archipelago and as sustainable as the spirit of our people.”*
Date of release: 03 June 2023
