Department of Trade and Investment (DTI) Secretary Alfredo Pascual said Wednesday most investments this year will support renewable energy (RE) projects.
RE accounts for most of the P1 trillion or over $17 billion investment approvals registered with the Board of Investments (BOI).
Opening up the country’s renewable projects to 100-percent foreign equity worked wonders in the attracting foreign direct investments (FDI), Pascual said.
“One of the significant policy actions we took at the start of our administration in the middle of last year was to open our country’s renewable energy sector to 100-percent foreign ownership. From incentivizing renewable energy projects to creating favorable policies for businesses that integrate sustainable practices, we are laying the foundation for an economy that thrives while respecting our environment,” Pascual told participants in the 2023 Arangkada Philippines Forum held Wednesday at the Marriott Hotel in Pasay City.
He said sustainable transformations are endeavors the government could not accomplish alone, thus the need for support from the private sector.
Public-private partnerships boosted FDIs not only in RE but also in aviation, rail, road and maritime transport, he said.
“For a long time, our economic growth has been consumer-driven. Our goal is to achieve an investment-led economy that brings shared prosperity to all Filipinos. We seek to harness foreign direct investments as drivers of export growth, sources of vital technology, and critical enablers of the country’s long-term climate action,” Pascual said.
He underscored the importance of RE to creating a sustainable circular economy through a complete industrial process cycle that ensures a minimal carbon footprint and more value-added economic activity.
The government’s trade and investment missions aim to explore investment possibilities in smart manufacturing, bioplastics, green ship recycling and the transformative potential of Fourth Industrial Revolution technologies like robotics and artificial intelligence (AI).
The DTI also welcomes financing and partnerships in the manufacture of energy- efficient maritime vessels and equipment, as well as electronic devices and circuits for smart grid and renewable energy, including wearable solar devices.
The Philippines also plans to enter the global electric vehicle (EV) value chain, as climate change compelled the shift to green products such as electric vehicles.
The Philippines welcomes foreign investments that bring EV technologies. EV battery manufacturing can be a thriving economic activity in the Philippines with the innate abundance of green metals in the country such as nickel, copper and cobalt, according to the DTI.
“We seek investments in the mineral processing of our abundant nickel, copper, and other green metals in the country. We also invite investments in energy storage technologies, including battery energy storage systems,” Pascual said.