‘New normal’ opens more investment prospects – DOE
Energy Secretary Alfonso Cusi is inviting foreign groups to invest in the Philippines, especially as the new normal opens up more opportunities in the country’s energy sector.
In his keynote speech at the Annual Global Conference on Energy Efficiency of the International Energy Agency (IEA), Cusi urged investors to take a closer look at the Philippines, their “gateway to the Asia-Pacific region.”
He cited the credit rating upgrade given by the Japan Credit Rating (JCR) to the Philippines to A- from BBB+ amid the country’s resiliency.
“With this positive outlook, the economy is still projected to be in good shape and the country’s investment climate is still favorable. There will be many new opportunities for you to explore as a result of the country’s increasing power demand, expanding industries and growing population,” Cusi said.
Cusi said the Philippine government is aggressively pursuing three key strategies to attract investors and help ensure the availability of energy throughout the country.
These strategies include establishing a conducive investment climate, attaining energy independence, and technology neutral policy.
Cusi said the government has also taken solid steps to make it easier for investors to do business in the country.
“There is now the Energy Investment Coordinating Council, as well as the Energy Virtual One-Stop Shop Law to harmonize, integrate, and streamline permitting processes and requirements for various energy projects,” the DOE chief said.
To help attain energy independence, the Philippines launched the Philippine Conventional Energy Contracting Program (PCECP) to facilitate the exploration and development of indigenous energy resources, and revitalize the upstream oil and gas sector.
Meanwhile, the government is also giving investors the freedom to choose where to put their investments under its technology neutral policy, which allows all forms of technologies to help the country achieve capacity targets.
Among the technologies being pushed by the DOE is nuclear power, which is seen as a reliable alternative to attain energy sufficiency and meet future power demands.
Another thrust for the DOE is its energy efficiency program following the passage of the Energy Efficiency and Conservation (EE&C) Act last year.