SINGAPORE — The Department of Energy (DOE) assured that foreign investor interest in the energy sector remains strong and unaffected by ongoing issues regarding corruption in flood control projects.
Energy Secretary Sharon Garin told reporters at a briefing during the Singapore International Energy Week that President Ferdinand Marcos initiated the investigation into the issue, which reflects his administration’s move toward transparency and ac-countability. She said this should send the right signals to foreign investors.
“I’m very bullish about energy projects. It’s private-driven, in foreign investments also,” Garin said. “But if I see it, what’s hap-pening, our President is quite straightforward about it.”
“He’s even the one who started the whole thing. He was the one who said there’s a problem with these projects. So it’s not like he’s hiding it. He wants transparency and fair and everything is accountable, whoever is accountable.”
Garin continued: “So I think for our investors, that should be an assurance that the current administration is being very trans-parent. He holds those, whether you’re in high position or not, he makes those that are accountable, accountable. So I think the confidence, we should have even more confidence in this administration because it shows that we are determined to make sure that this is a well-run administration.”
She said this bullishness regarding energy investments is shown in the strong interest and oversubscription of the Green Energy Auction Program.
“That’s shown by the many, for example, these past two days, the many meetings we’ve had of many investors from all over the world wanting to invest in the Philippines. So I think it’s still very positive, and I don’t think it’s anything to worry about as far as energy is concerned,” Garin said.
Energy Undersecretary Felix William Fuentebella said the DOE has also received interest in the upstream oil industry, especially after the signing of eight service contracts.
“And there are three more additional that the DOE worked on. There’s another three more in the works,” he said.
Garin said a Middle Eastern country, Abu Dhabi, wanted to check if they can also invest in upstream in the Philippines.
“So I think they are aware it’s private-driven, and it’s not about corruption per se. So it’s more like we’re just establishing our-selves as good policymakers as far as energy is concerned,” she said.
Fuentebella said investors are also very happy about the energy policies in place in the Philippines.
“And as far as policies are concerned, they also told us that the policies in the Philippines, the fundamentals are in place. So it’s very predictable,” he said.
