MANILA – Department of Trade and Industry (DTI) Undersecretary Ceferino Rodolfo said the country targets to attract investments from Europe for technology transfer and development of the renewable energy sector here.
In a virtual press briefing Friday, Rodolfo said European companies have recognized the Philippine government’s initiatives to shift to cleaner and more sustainable sources of energy.
“They are very happy with the statement of the President (on) sustainability as a core objective for the Philippines. They are also happy not just because of the statements but because of the actual moves that are already undertaken by the administration,” said Rodolfo, who is also the managing head of the Board of Investments (BOI).
Among the policy initiatives of the Marcos administration to promote cleaner sources of energy include the amending of the implementing rules and regulations (IRR) of the Renewable Energy Act that allows 100 percent foreign ownership for renewable energy projects as well as the executive orders on offshore wind projects and the modification of tariffs on imported electric vehicles (EV) and EV parts and components.
Rodolfo added that with these policies of the government, European companies have “tremendous interest in energy projects in the Philippines”.
“So, we look at Europe as source of technology and investments for renewable energy, in particular, of course solar and offshore wind projects,” he said.
He mentioned that for offshore wind projects, there are plans with investments of USD2 billion per project and with capacity of 1.2 gigawatts.
There are also floating solar projects with the same scale of investments, the trade official added.
BOI director Eries Cagatan said Belgian hydropower firm Turbulent has big interest in the Philippine market with the available flowing bodies of water here that can be converted to power.
“(T)hey have pilot (project) in Mati, Davao Oriental, (and Turbulent) is a manufacturer of mini ecological hydropower turbine, which will not need dams but flowing bodies of water with minimal height difference and it can generate from 15 kilowatts to 70 kW per turbine. This can generate up to multiple megawatts in a network of turbines,” she added.
She added that Turbulent’s technology can be quickly installed and implemented and also eco-friendly that will not intrude on the ecology in the bodies of water.
Cagatan said this will also address power challenges in small islands that are not connected to the grid.
President Marcos had a recent trip in Brussels for the European Union-Asean Summit and was also able to bag investments from European firms such as Unilever and OCEA. (PNA)