President Ferdinand Marcos Jr. invited Singapore’s business leaders to view the Philippines as a new investment hub for the renewable energy (RE) sector as his visit to Singapore continues.
“The policy change comes as the Philippines seeks to attract foreign investments to boost the renewable energy sector and to meet our long-term climate targets,” the President told business leaders during a roundtable meeting at the 10th Asia Summit Fireside Chat in Singapore.
Mr. Marcos is currently in Singapore for a working visit.
The President, who celebrated his 66th birthday yesterday and is on an official visit to Singapore for five days until Sept. 17, cited energy’s importance in reviving the country’s economy.
Mr. Marcos also highlighted to foreign investors the Philippine government’s efforts to lower the country’s electricity rates.
He added that foreign investors can now enjoy 100 percent equity in the exploration, development, and utilization of solar, wind, hydro and ocean or tidal energy resources.
“With this development, I encourage our Singapore partners to consider the Philippines and take part in the country’s goal of increasing renewable share in power generation and offering lower cost and cleaner energy to the general public,” the President said.
Singapore is ranked 5th among the top destinations for Philippine products, according to President Marcos.
Last week, the Manila Electric Co. (Meralco) announced the 50-centavo increase in kilowatt per hour (kWh) for the month of September, which would put the typical household rate at P11.3997 this month from P10.8991 per kWh in August
Meralco said the increase was due to higher costs from its suppliers.