PHILIPPINE economic managers encouraged Canadian investors to explore investments in the Philippines.
Economic managers in particular made a pitch for collaboration in the energy business, with the Philippines recently opening up the sector for full foreign ownership.
“Canada, a global leader in clean energy, may benefit from the recent liberalization of the Philippines’ renewable energy sector. Foreign enterprises may now participate in the country’s RE (renewable energy) sector, particularly in solar, wind, hydro, and tidal energy,” Finance Secretary Benjamin Diokno said.
Around 68 percent of electricity generated in Canada came from hydro, wind, solar, and other renewable sources in 2020. In 2021, it was the third largest producer of hydroelectricity.
Bangko Sentral ng Pilipinas (BSP) governor Eli Remolona noted that the central bank plays a role in mitigating climate change by encouraging banks to disclose the environmental, social, and governance impacts of assets.
He also said the BSP plans to work with scientists to examine whether bank assets are beneficial or harmful to the environment.
Department of Budget and Management (DBM) secretary Amenah Pangandaman, meanwhile, said their department has increased the budget for climate adaptation measures by 60 percent.
She also said they will also be pursuing the Green Public Procurement (GPP) Roadmap to integrate green choices in public procurement.
President Ferdinand Marcos Jr. on July 12 vowed to “improve bureaucratic processes” to entice more investors in the renewable energy sector.
Under the Philippines’ renewable energy plan — a requirement under the Renewable Energy Act of 2008 — the country targets to increase to 35 percent of the share of renewable energy in the power mix by 2030.
In 2008, the share of renewables in the Philippines’ power mix was about 34 percent, according to data from the Department of Energy.
It went down to 21 percent in 2021, data showed.
In his first State of the Nation Address (SONA), Marcos said his administration will prioritize the use of renewable energy sources to cushion the impacts of climate change in the Philippines.
The Canadian roadshow is the economic managers’ last before Marcos’ second SONA. (ABS-CBN News)
