Photo: Philippine Nuclear Research Institute Director Carlo Arcilla. Credit: Philippine News Agency The Philippines is open to nuclear energy negotiations with other countries aside from the United States, an official of the Philippine Nuclear Research Institute (PNRI) said Tuesday. Currently, the country is in discussion with the US for the 123 Agreement, an agreement for cooperation as a prerequisite for nuclear deals. "Before they (US) could export their nuclear expertise and technology, they have to seek clearance from the government. So this agreement is crucial since American companies could not export nuclear technologies and experts without this agreement," PNRI Director Carlo Arcilla said during the Laging Handa public briefing. He cited that the US is the most experienced in nuclear energy since they have 92 working nuclear power plants, the highest number in the world. These plants supply 20 percent of their power, according to Arcilla. While he considers the US as the most experienced, Arcilla clarified that other countries are also experts and have interest to partner with the Philippines. Among them is South Korea, which offered to revive the Bataan Nuclear Power Plant (BNPP). Arcilla said the decision will be up to the President, and also noted that the deal will not require a 123 Agreement. Other countries he mentioned for possible nuclear negotiations are France, China and Japan. "(The 123 Agreement) does not lock us into the American negotiations only. We are also open to other countries. We should not set aside, however, America's experience. There are 450 nuclear power plants in the world, and almost 100 are in the US," he said. Arcilla said it is also important that the government has a national position and policy on nuclear energy. Early this year, former President Rodrigo Duterte issued Executive Order No. 164, which include nuclear power in the country’s energy mix. President Ferdinand R. Marcos Jr. also pushed for the development of the country’s indigenous energy resources for energy security, improve access to power and promote clean energy.  Meanwhile, Arcilla said the decision to revive the BNPP or to establish a new one would depend on the President and the Department of Energy. "If we consider the technical aspect, (the BNPP) could still function, and South Korea has an offer, and they have a working model," he said. (With reports from Kris Crismundo/PNA) By Ma. Cristina Arayata.   Article courtesy of the Philippine News Agency

Most industries are dependent on fossil fuels to operate. However, in response to climate change, there is a global trend that encourages countries to join in the energy transition of using green technologies. While in theory, this strategy looks promising and feasible. However, in some countries, like in the Philippines, this is a major challenge. This was the scope of the roundtable discussion (RTD) last 4th of May 2022 during PH-EITI Conference with the Department of Finance and Department of Energy. The theme of the event was "Preparing the Extractives for Energy Transition".

Photo: President Ferdinand R. Marcos Jr. presides over a meeting with Department of Energy officials at Malacañan Palace in Manila on Wednesday (Nov. 19, 2022). They discussed "immediate and medium-term" plans to improve the energy sector. (Photo courtesy of OP) President Ferdinand R. Marcos Jr. has given his nod to the Department of Energy's plan to explore and develop the country's offshore wind (OSW) potential as a source of clean and sustainable energy, Malacañang announced Wednesday. This developed, after Marcos presided over a meeting with DOE officials at Malacañan Palace in Manila on Wednesday morning to discuss "immediate and medium-term" plans to improve the energy sector. "In a meeting at the Malacañan Palace on Wednesday, President Marcos instructed DOE Secretary Raphael P.M. Lotilla and other energy officials to move forward with the agency's offshore wind energy production initiatives," Undersecretary Cheloy Garafil, officer-in-charge of the Office of the Press Secretary (OPS) said in a statement. Garafil noted that during the meeting, the DOE also made a proposal to create an Offshore Wind Development and Investment Council that will serve as a one-stop shop for OSW developers. Marcos, Garafil said, backed the proposed creation of the council that will be composed of relevant government agencies, but stressed that the DOE should oversee the regulatory functions to streamline coordination and simplify the approval process. "It should be the Department of Energy [which] should be talking with the OSW developers, in consultation with the council, of course. It has to be led by the DOE," Marcos, as quoted by the OPS, said. Bringing down electricity prices In a media interview while onboard the presidential plane en route to Cambodia, Marcos reiterated his commitment to push for lower rates of electricity. Marcos said he met with the DOE officials to discuss the “short-term, medium-term, and long-term” energy requirements in the country. “We spent a long time talking about how to bring down the prices,” he said, noting that the DOE found a way to rationalize power supply. Marcos also noted that there have been ongoing talks with local cooperatives to discuss how “they can sell power at the cheapest price possible.” Based on the World Bank's OSW Roadmap, the Philippines has the capacity to deploy 40 Gigawatts of OSW electricity by 2050. Currently, there are 42 approved offshore wind contracts with an indicated capacity of 31,000 Megawatts (MW), based on the data presented by the DOE to Marcos. Private sector's 'strong interest' The DOE also noted the "strong interest" from the private sector, especially from countries considered "leaders in offshore wind technology" such as Denmark, Norway and the United Kingdom. “This is more than enough to cover the 500,000 MW projected peak demand the country will require by 2040 based on DOE's medium to long-term power outlook,” Lotilla told the President. Lotilla emphasized that the power that will be generated through OSW projects would be used to help the country meet its energy needs, as well as to produce alternative fuels, such as Green Hydrogen. Citing the DOE report, Garafil said hydrogen may be converted into ammonia, which is a primary component in the production of industrial fertilizers used in agriculture. The DOE said hydrogen may be converted into ammonia, which is a primary component in the production of industrial fertilizers used in agriculture. In 2021, the DOE signed a memorandum of understanding with Australia's Star Scientific Ltd. and Japan's Hydrogen Technology Inc. to explore the potential of hydrogen as a source of energy for the Philippines in the future. Contingency plans Garafil said the DOE also presented to Marcos its November 2022 to December 2023 outlook which showed that power reserves in Luzon may fall below ideal levels, given the continued shutdown of the Ilijan Power Plant in Batangas City, which has a total capacity of 1,200 MW. "As a contingency, the energy department proposes to run the Ilijan Power plant, a dual-fuel power station in Ilijan, Batangas City, using diesel fuel to produce 420 MW, as well as implement the Interruptible Load Program," Garafil said. Garafil added that the DOE and concerned government agencies are closely coordinating to address the delays in the National Grid Corporation of the Philippines' (NGCP) transmission line projects to free up power capacity for 2023. She said the DOE would also release "short-term" action plans that will serve as guide of the energy sector for 2022 to 2024, pending the release of the Philippine Development Plan (PDP) 2023-2028. The DOE has also developed the Philippine Energy Plan 2020-2040, a 20-year plan which includes energy sector initiatives and projects that seek to ensure sustainable, stable, secure, adequate, accessible and inexpensive energy. The 20-year plan is setting a target of 35 percent share of renewable energy in the power generation mix by 2030 and 50 percent share by 2040. Marcos, in his first State of the Nation Address delivered on July 25, emphasized the need to prioritize clean energy and tap natural gas and nuclear power to meet the Philippines' energy demands.   Article courtesy of the Philippine News Agency

Photo credit: BusinessWorld The House Committee on Energy on Thursday formed a technical working group (TWG) to discuss the proposal to pursue the development of the country's natural gas industry, which is a legislative priority of President Ferdinand R. Marcos Jr. In his opening remarks, committee chair and Marinduque Rep. Lord Allan Velasco said the priority legislative measure would provide a framework for the development of the natural gas industry in its transition from an emerging to a mature industry, promote a competitive natural gas market and define responsibilities of various government agencies and private entities in furtherance of the national goal. Velasco said the Philippines still lacks a clear, comprehensive and integrated legislative framework that would serve as a pillar toward achieving the rapid development of the country's natural gas sector. "The lack of such clear policies is detrimental to the thrust of the Department of Energy to attract foreign investors to invest in our natural gas potentials or importation or transmission of the same," he said in the bill's explanatory note. He said the passage of the bill would promote natural gas as a safe, environment-friendly, efficient and cost-effective source of energy. It would also create favorable conditions to establish a natural gas industry serving all segments of the nation’s population in different sectors of the economy, he noted. He said the bill would promote the development of the Philippines as a liquefied natural gas trading and transshipment hub within the Asia-Pacific region. The panel held initial deliberation on eight measures, seven of which would promote the development of the Philippine downstream natural gas industry, while the other proposal would provide for the national energy policy and framework for the development and regulation of the Philippine midstream natural gas industry. The panel nominated Committee on Energy Vice Chair and SAGIP Party-list Rep. Rodante Marcoleta to head the TWG.   Article courtesy of the Philippine News Agency

“Although there is a seen decrease in the bilateral trade between Germany and the Philippines when comparing the first half of 2022 and 2021 data, it remains to be a major contributor to the latter's trade relations with the EU.” (from GPCCI Market Watch) A quick look at the future: The Philippines is expected to join the free trade agreement -- Comprehensive and Progressive Agreement for Trans-Pacific Partnership. This would benefit the Philippine metals industry. The German Supply Chain Due Diligence Act will have a significant impact on business practices across the Asia-Pacific (including the Philippines, which lists Germany as its 10th largest export trading partner).

Photo credit: Department of Energy Cagayan de Oro City 2nd District Rep. Rufus Rodriguez on Wednesday urged the Department of Energy (DOE) to immediately allow exploration activities for its service contractor in Recto Bank for it to fulfill its contract obligations. “We understand that Forum Energy is raring to explore Recto Bank for gas and oil. We support the contractor’s plan to go into exploration activities. We call on the DOE to give its go-signal,” Rodriguez said in a statement. Based on records from the DOE, Forum Energy, which is controlled by billionaire-businessman Manny V. Pangilinan, is required to drill two offshore appraisal wells on or before Oct. 16, 2022 under its service contract, in an area located within the Recto Bank basin. Recto Bank, also known as Reed Bank, is within the Philippine exclusive economic zone northwest of Palawan, in waters disputed with China. Rodriguez said the DOE and other concerned government agencies, including the Department of National Defense, should help Forum Energy in its undertaking as “they (Forum) are doing it not just for themselves but for the nation and the national interest.” In calling for the immediate resumption of oil and gas explorations in Recto Bank, the Mindanao lawmaker pointed out that Recto Bank is believed to hold gas and oil reserves much larger than those in the Malampaya gas project, also in Palawan. The Malampaya gas field is the Philippines’ only domestic commercial source of natural gas, accounting for 20 percent of the country’s total power requirement. However, the Malampaya concession is due to expire in 2024, with output due to fall starting this year until it becomes commercially unviable by 2027. On the other hand, the resource potential of Forum Energy’s service contract in Recto Bank is estimated at 165 million barrels of oil and 3.4 trillion cubic feet of gas. “Recto Bank will be our replacement for Malampaya,” Rodriguez said. “If Malampaya dries up without gas being extracted from Recto Bank, power plants in Luzon would be forced to use more expensive fuel. That will result in an increase in the cost of electricity in Luzon, which will not be good for all of us and the government of President Ferdinand R. Marcos.” During the Philippines LNG and Gas summit on September 27, the DOE said it is already preparing the service contract covering the resumption of exploration at Recto Bank, which it hopes would help make up for the impending loss of the nearly depleted Malampaya gas field.    Article courtesy of the Philippine News Agency

Photo credit: Senate of the Philippines Senator Win Gatchalian has filed a Senate resolution seeking to establish the oil and gas potential in the West Philippine Sea (WPS) to address the country’s import dependence for its energy requirements. The Senate inquiry is to push exploration, development, and utilization of such oil and gas reserves toward achieving energy security and self-sufficiency. “Given persistent global energy shocks, it is important for us to ascertain the oil and gas potential in the West Philippine Sea for the country to have some level of stability and protection from the tumultuous geopolitical conflict in foreign countries that has severely impacted local energy prices,” Gatchalian said. Department of Energy (DOE) data show that there is an estimated 6,203 million barrels of total oil resources and 12,158 billion cubic feet of total gas resources in the West Philippine Sea as of 2021. To date, there are five petroleum service contracts in the West Philippine Sea – Service Contract 54 held by Nido Petroleum Philippines Pty Ltd. in Offshore Northwest Palawan, Service contract 58 held by Nido Petroleum in West Calamian or Northwest Palawan, Service Contract 59 held by the Philippine National Oil Company-Exploration Corp. in Southwest Palawan, Service Contract 72 held by Forum (GSEC101) Ltd. in Recto Bank, and Service Contract 75 held by PXP Energy Corp. in Northwest Palawan. “The lack of oil and gas exploration and as a result of the lack of indigenous oil and gas have contributed to the country’s import dependence with 98 percent of petroleum products imported as of 2021 and lack of energy self-sufficiency,” Gatchalian noted. The country’s energy self-sufficiency has gone down from 61.4 percent in 2011 to 51.15 percent in 2021, he added. Gatchalian said the adverse effect of dependence on imported fuel was felt recently with the Russian invasion of Ukraine raising global crude oil prices from USD50 per barrel in January 2021 to USD120 per barrel in March 2022. This has resulted in an increase in the pump prices of gasoline from PHP50 per liter to almost PHP90 per liter in June 2022.   Article courtesy of the Philippine News Agency

Photo: Nido Petroleum Company Logo Some USD72 million worth of investments are expected in the two drilling activities of Nido Petroleum Philippines Pty. Ltd. in northwest Palawan, an official of the Department of Energy (DOE) said Wednesday. In a virtual press conference, DOE Undersecretary Alessandro Sales said Nido aims to spend USD16 million each for drilling Service Contract (SC) 6B and SC 54. An additional USD40 million will also be spent for the extended production test in the Cadlao oil field, he said. Sales said the extended production test in SC 6B aims “to determine how to optimize future production and determine the more appropriate way in installing the permanent production facilities”. “Foreign investors have taken the assurances made by the Philippine government that our PD (Presidential Decree) 87 framework for giving incentives to the service contractors is going to be upheld,” DOE Secretary Raphael Lotilla said. Lotilla said the ultimate objective of the policy is to yield the maximum benefit to the Filipino people and to assure just returns to participating private enterprises. Sales said the drilling activities in Cadlao are expected in the first half of 2023, with the extended production testing running up to six months. If the drilling activity is successful, permanent production is expected by the first half of 2024, he added. President Ferdinand “Bongbong” Marcos Jr. has directed the DOE to focus on expanding and harnessing the country’s indigenous energy resources to achieve energy security and affordable electricity prices. By Kris Crismundo   Article courtesy of the Philippine News Agency

The Department of Energy (DOE) has approved the acquisition deal between Prime Infrastructure Capital, Inc. and Shell Philippines Exploration B.V. (SPEX) on the latter’s 45-percent stake in the Malampaya Service Contract (SC) 38. This, after the DOE completed the review of the transaction in accordance with Presidential Decree 87 and Department Circular No. 2007-04-003 for the transfer of rights and obligations in petroleum service contracts. “Prime Infra was found to be technically, financially, and legally qualified as a transferee and a successor to Shell as operator of Malampaya natural gas project,” the DOE said in a statement Monday. With the approval of the transaction, SPEX will now be a wholly owned unit of Prime Infra and will continue to operate the Malampaya natural gas field. “The DOE’s approval is conditioned on SPEX remaining to be a subsidiary of Prime Infra, and on the continuing validity of Prime Infra’s commitments and undertakings to the DOE in respect of SPEX’s obligations as operator of Malampaya Service Contract 38,” it added. In a separate statement, Prime Infra chairman Enrique Razon Jr. has welcomed the decision of the DOE as this would allow the company to further explore the natural gas field. “We will contribute by doing all that can be done to produce as much gas as possible to sustain production in support of the power demand in Luzon,” Razon said. Prime Infra said it is committed to deliver “outstanding operational performance and further the potential of SC38 covering the Malampaya deep-water gas-to-power project to ensure continuity of production as long as the reserves support it”. “Prime Infra’s energy portfolio has always been aligned with the national government’s objective towards attaining energy independence and security, while reducing the country’s reliance on fossil fuels. Prime Infra is well-positioned to carry on the world-renowned track record of the Malampaya asset and therefore, the next urgent step for the company is to sustain and expand gas production while we promptly address the license extension for SC38,” Prime Infra president and chief executive officer Guillaume Lucci added. The Malampaya natural gas field is one of the country’s most crucial power assets as it supplies 20 percent of Luzon’s power requirements. The gas field began its operation in 2001, with its license set to expire in 2024. By Kris Crismundo   Article courtesy of the Philippine News Agency

Photo credit: Reurasia The Department of Energy (DOE) reported it awarded a total of 998 renewable energy (RE) contracts as of June 2022, with investments amounting to PHP270.8 billion. In a statement Wednesday, DOE said the RE contracts have a total installed capacity of 5,460.59 megawatts and a potential capacity of 61,613.81 MW. The biggest investments were in solar energy, which amounted to PHP130.44 billion. This is followed by wind RE technology at PHP52.91 billion, hydropower at PHP38.73 billion, biomass at PHP38.16 billion, and investments in geothermal energy at PHP10.54 billion. To attract more investments in the RE sector, DOE Secretary Raphael Lotilla signed Department Circular No. 2022-09-0030 last Sept. 23 increasing the utilization of RE for on-grid areas from 1 percent to 2.52 percent. “The increase in the utilization of renewable energy in our power generation mix would encourage more investors and end-users to develop and utilize domestic energy sources,” Lotilla said. The increase in RE utilization in areas connected to the grid will take effect next year. The DOE said the newly signed department circular “requires or encourages electricity suppliers, particularly the distribution utilities, to source or produce a specified fraction of their power supply from eligible renewable energy resources”. Lotilla added that increasing the RE utilization for on-grid areas will drive the country towards energy sustainability. “Private sector investments are central in achieving our renewable energy targets and vision. To date, the share of renewable energy in the power generation mix is 22 percent. Our target share is 35 percent by 2030 and 50 percent by 2040,” he added. By Kris Crismundo   Article courtesy of the Philippine News Agency

A solar hybrid power plant, expected to provide 24/7 electricity to two municipalities in Mindanao, was launched this week, the European Union (EU) Delegation in Manila said Thursday. The initiative is part of the Renewable Energy Technology for Seaweeds Value-Added (RETS) project between the EU, the Mindanao Development Authority, the United Nations Industrial Development Organization (UNIDO), and local stakeholders, and is set to benefit the island municipalities of Sibutu and Sitangkai in Tawi-Tawi. “Supporting a seaweed value chain in a remote location in Tawi-Tawi by increasing the supply of renewable energy, strengthening the power grid, securing a steady water supply, and enhancing community services in health, education, nutrition, and sanitation, is not an easy feat. It is impressive," the EU Delegation to the Philippines’ Head of Cooperation Christoph Wagner said at the launch in Pasay City on Sept. 28. "The European Union is proud to have been part of the partnership that made it possible. This project embodies the EU’s global commitment to fight climate change through environmentally sustainable development while leaving no one behind," he added. Through renewable hybridization of the local grids, RETS has helped extend the supply of electricity services in Sibutu and Sitangkai, which are home to about 15,000 seaweed farmers. The project, the EU said, would also integrate efforts to improve livelihoods by enhancing the quality and value of seaweeds produced by the communities. "Coupled with solar home systems, this will help provide electricity to remote seaweed farming communities and power their livelihoods," it said. RETS has a total investment of over PHP225.5 million, of which PHP168.5 million have been provided by the EU under its larger Access to Sustainable Energy Program. “The EU Delegation has long been MinDA’s partner for peace and development. We are grateful to have the same support from them in our pursuit of a balanced and sustainable energy mix for Mindanao, especially in the off-grid communities,” MinDA Secretary Maria Belen Acosta said. “When we provide more income-generating activities, we are also improving the households’ ability to pay for the energy service, which contributes to the sustainability of the project,” Acosta added. By Joyce Ann L. Rocamora   Article courtesy of the Philippine News Agency

Photo: Philippine Economic Zone Authority (PEZA) officer-in-charge Tereso Panga and Upgrade Energy Philippines, Inc. (UGEP) president and CEO Ruth Yu-Owen sign a memorandum of understanding on Sept. 22, 2022. PEZA and UGEP are partnering to develop renewable energy projects within economic zones. (Photo courtesy of PEZA) The Philippine Economic Zone Authority (PEZA) has partnered with the Upgrade Energy Philippines, Inc. (UGEP) to develop solar energy projects within economic zones. In a statement Thursday, the investment promotion agency said PEZA officer-in-charge Tereso Panga and UGEP president and chief executive officer Ruth Yu-Owen signed a memorandum of understanding (MOU) last Sept. 22 to put up solar energy projects inside PEZA zones. “PEZA welcomes partnerships like this which promote the goal of environment-friendly industrialization,” Panga said. The first phase of the partnership involves the conduct of feasibility studies in Cavite Economic Zone (CEZ) and Baguio City Economic Zones (BCEZ) to determine the viability of putting up solar projects in these ecozones. This, as UGEP aims to build a 10-megawatt solar project for CEZ and BCEZ to generate and sell solar power to the end consumers through the distribution utilities inside the ecozones. “Promoting the use of renewable energy is extremely paramount in our country so we can save billions of pesos in energy and electricity consumption, generate more jobs and at the same time, reduce our country’s share of carbon emissions, therefore, fighting the adverse effects of the global climate change,” Panga added. On the other hand, PEZA will be providing necessary assistance to UGEP for the conduct of the studies, identification of land for the solar projects, and the registration of its projects under PEZA pursuant to the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law and the Renewable Energy Act of 2008. “These efforts will also contribute to the country’s overall efforts to attaining our pledge to move ahead with urgency and cut greenhouse gas emissions through localized climate change interventions and transition from coal to clean energy. Let us also do our part in implementing a collective approach to both revive the economy and at the same time protect our environment,” Panga said.    Article courtesy of the Philippine News Agency

Hungary is enticing Filipinos to study nuclear engineering to help provide possible energy solutions for the Philippines in the future. During the 7th political consultations between the Philippines and Hungary in Budapest this week, officials encouraged interested Filipinos to avail of a scholarship once the application opens again. "The Philippines thanked Hungary for continuing to provide educational opportunities for Filipino scholars to study in Hungarian universities via the Stipendium Hungaricum program, which annually allocates 35 slots for qualified Filipinos," a Department of Foreign Affairs (DFA) readout dated September 30 said. "Looking into possible energy solutions for the Philippines in the future, Hungary encouraged Filipinos to study nuclear engineering under the scholarship program." Application for the Hungarian scholarship was last opened in November 2021 for Academic Year 2022-2023. Aside from education, also discussed was the possibility of a bilateral labor agreement in response to the fast-growing number of Filipinos deployed to Hungary. In addition, the two countries reviewed the status of pending deals on financial cooperation and transportation while looking into further utilizing existing agreements on agriculture and science and technology. The DFA said the meeting provided an opportunity to exchange views on regional issues, including security situations in Southeast Asia, the South China Sea, and Europe. Foreign Affairs Undersecretary Ma. Theresa Lazaro and Hungary's Deputy State Secretary for Development of Eastern Relations Adam Stifter led the meeting held on September 26. They were joined by Philippine Ambassador to Hungary Frank Cimafranca and officials of the Department of Fastest Growing Economies of the Ministry of Foreign Affairs and Trade. By Joyce Ann L. Rocamora   Article courtesy of the Philippine News Agency

President Ferdinand Marcos Jr. speaks to American businessmen at the New York Stock Exchange Business Forum in New York City on Sept. 20, 2022 (Tuesday, Philippine time). Marcos, who is on the second day of his six-day trip to the United States, said his engagement at the NYSE serves as an "invaluable opportunity" to share with business leaders how the Philippines is ramping up efforts to open up the economy and accelerate post-pandemic recovery. (Contributed photo) President Ferdinand "Bongbong" Marcos Jr. on Monday enticed more American businesses to invest in the Philippines, assuring them that the country has a robust and resilient economy. Speaking before the business leaders from United States (US), Marcos shared that his administration is ramping up its efforts to further open up the Philippine economy and accelerate the country’s recovery from the coronavirus disease 2019 (Covid-19) pandemic. “Despite external headwinds, the Philippine economy’s resilience — reinforced by sound policies and decisive leadership — makes us confident about our future,” Marcos, who is currently in the US, said during the New York Stock Exchange Business Forum. Marcos said he looked forward to more investments from the private sector for the development of various fields such as public infrastructure, energy, and agriculture, as well as for the digitalization of the Philippines. “Over the past few decades, as the Philippines transformed into one of the most promising emerging markets, the United States has been among our steady partners. For that, we are truly grateful. At the same time, American companies doing business in the Philippines have benefited significantly from our economic successes,” he said. “I wish to emphasize that the Philippines is keen to continue nurturing the ties that helped produce mutual benefits for both our economies, our organizations, and our peoples. Let us achieve many more milestones together,” Marcos added. Marcos made the remarks, as he acknowledged the US and the Philippines’ “strong and enduring” ties in trade and commerce. The US is the Philippines’ third largest trading partner and second major source of foreign direct investment applications in 2021. On his second day in the US, Marcos also rang the closing bell of the NYSE, signaling the end of the day's trading. ‘Mutually beneficial’ investments Marcos guaranteed that the Philippines has increased the scope for “mutually beneficial” investments aimed at generating more jobs for Filipinos and giving them a “better” life. “For investors, doing business in the Philippines is an opportunity to reap the benefits of a vibrant economy,” he said. Marcos told the American businessmen that the country is offering investment opportunities in areas such as information technology and business process management; medical products and devices; electric vehicles and batteries; agribusiness; and telecommunications infrastructure and services. He stressed that despite the prevailing Covid-19 pandemic, the Philippines’ economy remains “robust” since 2021 and is slated to achieve its goal of becoming an “upper-middle-income” country in the coming years. "Bouncing back from the pandemic, the Philippine economy has seen robust growth since last year and has returned to its path toward upper-middle-income country status, achievable within the next few years,” he said. To be recognized as an upper-middle-income economy, a country must reach the World Bank’s gross national income (GNI) per capita threshold of USD4,256 to USD13,205. In 2021, the Philippines’ GNI per capita rose to USD3,640 in 2021 from USD3,430 in 2020 or at the height of the pandemic, according to the World Bank data. Liberalizing the economy Wooing the US investors, Marcos cited key legislations that would further liberalize the Philippine economy. The enacted policies, Marcos said, include lowering corporate income tax rates and rationalizing fiscal incentives; reducing the minimum paid-up capital requirements for foreign retailers and startups bringing in advanced technology; and allowing full foreign ownership of companies providing public services. “To international investors, the Philippines offers high-quality labor, a large consumer market, and a wide range of fiscal and non-fiscal incentives. At the same time, we remain committed to maintaining sound macroeconomic fundamentals providing a clear development roadmap,” Marcos said. Marcos also ensured that the country’s resilience to crises, noting the improved employment situation, accelerating manufacturing activities, and growing demand from trade partners in the Philippines despite the pandemic. He said his administration’s top priorities include managing inflation, reducing the scarring effects of the pandemic, and ensuring sound macroeconomic fundamentals. “And again, the private sector business leaders also are here with us precisely to show and explain to our prospective investors where the Philippines is headed, what changes we have made so that investment will be more profitable and more attractive for foreign investors, especially coming from the United States,” he said. “So it plays a central role in all that we are planning to do for our economy. It is once again something that we recognize in government we have a part to play,” Marcos added. PH workforce as ‘greatest asset’ Marcos likewise bragged that the country’s workforce is its “greatest asset” in its economic transformation, saying Filipino workers are competent and contribute to the success of investments in the country. “They are ready to take up the cudgels, they are ready to work for the country, they are ready to do what needs to be done to bring the country forward,” Marcos said. “So, again we have adjusted many of our ways of doing business at the behest of our friends in the United States and of the Americans businesses that are already in the Philippines,” he added. Marcos is set to deliver the Philippine national statement at the 77th session of the United Nations General Assembly (UNGA) on Tuesday. He will be the first leader of the Association of Southeast Asian Nations to deliver a statement at this year's high-level General Debate. Aside from sharing the country's views on various global concerns at the UNGA, Marcos will meet with world leaders and continue to hold dialogues with foreign investors to do business in the Philippines.    Article courtesy of the Philippine News Agency

Photo credit: Solenergy The Department of Budget and Management (DBM) has given the Department of Energy (DOE) a total of PHP2.2 billion for the implementation of energy projects in 2023. The allocation of about PHP2.2 billion was in line with the Marcos administration's bid to ensure an affordable and clean energy supply in the country, the DBM said in a press statement. It said the proposed funding would be used for energy programs, including the Total Electrification Project (TEP), Renewable Energy Development Program, Energy Efficiency and Conservation Program, and Alternative Fuels and Technologies Program. In a statement, Budget Secretary Amehan Pangandaman said the proposed budget for DOE's key programs would help the government achieve its goal to provide a reliable and affordable power supply in the country. “These initiatives are part of the administration’s commitment to providing reasonably priced, sustainable, and sufficient electricity,” Pangandaman said. Under the proposed 2023 National Expenditure Program, about PHP500 million of the PHP2.2 billion would be earmarked for the TEP implementation. The TEP aims to make electricity available to a minimum of 10,000 households nationwide. It is expected to address the need for reliable energy sources for remaining underserved and unserved Filipino households with no access to electricity. Pangandaman said the project is vital in revitalizing the country's economy. “This is good news, especially for far-flung areas where electricity is scarce. The Total Electrification Project of the DOE shall help improve and modernize industries in different provinces across the country, which will lead to the expansion of our economy,” she said. The DBM also noted that about PHP476 million would be allocated to fund DOE’s Renewable Energy Development Program, Energy Efficiency and Conservation Program, and Alternative Fuels and Technologies Program. The National Renewable Energy Program lays down the foundation for developing the country's renewable energy (RE) resources, stimulating investments in the RE sector, developing technologies, and providing the impetus for national and local RE planning that will help identify the most feasible and least-cost RE development. The DOE also intends to adopt energy efficiency and conservation methods, and implement the alternative fuels and energy technology program to promote sustainable development and use of the country's natural resources. Building new power plants, the use of renewable energy, and reducing the price of electricity for consumers are among the top priorities of President Ferdinand Marcos Jr. Consistent with Marcos' directive to ensure the availability of reliable energy, the DOE has been preparing for the implementation of viable electrification programs that would address the pressing issues faced by the energy sector. By Ruth Abbey Gita-Carlos   Article courtesy of the Philippine News Agency