The Board of Investments (BOI), in partnership with the International Finance Corp. (IFC), a member of the World Bank Group, are promoting decarbonization trends and opportunities within the Philippine steel industry.
The event aimed to raise awareness and strengthen capacity-building efforts for both government and private sector stakeholders.
“Going green makes sense. The timing is right but the window is tight. We have to see a strong preference for green products,” said Trade Undersecretary and BOI managing head Ceferino Rodolfo.
Rodolfo said decarbonization is a critical element in the country’s sustainability goals, with collaboration between the public and private sectors being key to success. He also highlighted the success of the BOI’s Green Lane initiative, which has actively supported renewable energy (RE) projects since its inception.
Rodolfo said the Philippines’ rapidly growing economy presents significant opportunities, particularly in sectors such as electric vehicles (EV), smart high-tech light manufacturing, semiconductor assembly and testing, green metals, high-tech agriculture, renewable energy and data center/telecommunications infrastructure.
The BOI is on track to securing a record amount of investment pledges for 2024, with the RE sector leading the way. The sector is playing a transformative role in addressing competitive challenges, such as those related to power supply.
IFC’s country manager for the Philippines Jean-Marc Arbogast underscored the significance of the forum, noting that the Philippines is a major importer of steel from various Asian countries.
“Opportunities lie in strategic partnerships and investments in new technology,” Arbogast said in his opening remarks, adding that he expects the steel sector to expand in the coming decades in response to the increasing demands of urbanization and development.
BOI executive director for industry development services Ma. Corazon Halili-Dichosa, during the panel discussion, stressed the importance of consulting with the local industry.
“We are working closely with the local steel industry. It is essential to understand the ecosystem that will motivate decarbonization. Aside from incentives, we need to know the policies and other measures that would encourage companies to decarbonize their processes while their operations remain competitive and viable,” said Halili-Dichosa.
She said a comprehensive approach is necessary, focusing on the entire supply chain. “We need to consider the whole system rather than examining each component of the steel industry,” she said.
