Monday, March 20, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Spotlight MS 36th Anniversary Issue: Towards A Sustainable Future

Gov’t opens RE sector to foreign investors, sees massive projects

Othel V. CamposbyOthel V. Campos
February 11, 2023, 3:10 am
in MS 36th Anniversary Issue: Towards A Sustainable Future, Spotlight
Reading Time: 5 mins read
A A
Share on FacebookShare on TwitterShare on Email

The Department of Trade and Industry, as steward of corporate sustainable governance, encourages companies to demonstrate their adoption of adequate environmental protection systems and sustainability strategies.

Trade Secretary Alfredo Pascual

Businesses are part of the growth cycle of the economy and their footprints leave indelible marks which can either be good or bad, according to Trade Secretary Alfredo Pascual.

“Sustainability is a criterion in determining priority activities for inclusion in DTI’s Strategic Investment Priority Plan under the CREATE Act [Republic Act 11534]. Qualified projects listed in the SIPP are entitled to tax incentives. Through these incentives, DTI encourages investments in businesses involving processes and innovations that will lead to the attainment of sustainable development goals,” he said.

Pillar of industrialization

The DTI underscores the vital role of the energy sector as a driver of industrialization and economic growth.

ADVERTISEMENT

The investment promotion agencies monitor registered enterprises’ compliance with environmental laws as a requirement for the grant of incentives. For instance, energy-related projects should utilize energy sources adopting environment-friendly technologies that comply with the Clean Air Act, the Environmental Impact System law, the Biofuels Act, where applicable, and other relevant environmental laws and regulations.

The DTI supports the transition to renewable energy, increasing renewable energy’s share to 50 percent of the total energy supply by 2040, as stated in the Philippine Energy Plan for 2020 to 2040.

Sustainable policies

Under the Renewable Energy Act, foreigners can own up to 100 percent of renewable energy projects in solar, wind and tidal energy, as recently clarified by the legal opinion of the Department of Justice.

The government lifted foreign ownership restrictions on RE generation projects in December 2022, which led to a significant increase in interest among investors.

Investors are looking at solar and wind projects as well as manufacturing of equipment such as wind turbine generator towers, foundations, blades and other wind turbine parts.

President Ferdinand Marcos Jr., Trade Secretary Pascual and Energy Secretary Raphael Lotilla held a roundtable meeting on renewable energy in Beijing, China on Jan. 5, 2023 to drum up support for RE projects in the Philippines.

Pascual underscored the importance of the RE sector in achieving economic development. “The energy sector is a vital driver of Philippine industrialization and economic growth. For industries to flourish in our country, we need a secure, resilient and competitive supply of energy. In the face of climate change and the worldwide shift to green development, the Philippine government finds renewable energy to be a long-term solution to our sustainable development,” he said.

The DTI chief said the Philippines now has a healthy and competitive business environment that would enable RE companies to thrive.

“Investors will find that the Philippines, with its geographical advantage, is home to abundant sources of renewable energy. On the policy front, investors will find it relevant that in our existing Renewable Energy Act, foreigners can own up to 100 percent of renewable energy projects in solar, wind and tidal energy. This should help the Philippines increase renewable energy’s share to 50 percent of its total energy supply by 2040,” he said.

Chinese RE companies responded positively towards the Philippines’ policy directions and conveyed interest to invest and help the country realize its National Renewable Energy Program 2020-2040 goals.

Pascual said that as issues involving climate change become even more pressing, investments in the RE sector would help the Philippines navigate the path towards a more sustainable business ecosystem. The sector also creates employment opportunities up and down the supply chain.

He said about $13.76 billion worth of investments in the RE sector are now in varying stages in the investment pipeline.

Danish renewable energy developer Copenhagen Energy A/S’, for one, is investing P360 billion for the BuhaWind offshore wind project in Ilocos Norte.

“I am looking forward to the implementation of this project, especially since CE has already secured a service contract. They also already submitted a system impact study, which already included the electrical design and proposals on how to bring power to the grid,” Pascual said.

He said the Board of Investments is in close coordination with other government agencies involved to expedite the evaluation of the study. The project is expected to be in commercial operation by 2028.

The project involves the development of offshore wind power using wind turbine generators that can produce 15 to 20-megawatt capacity each in the waters off Burgos, Bangui and Pagudpud towns in Ilocos Norte.

CE chief executive Jasmin Bejdic said the company was on track and progressing with community engagement, financial impact assessment and national strategy.

“With proper government support, we will be able to implement the project according to plan, noting Ilocos region as definitely one of the best resource for wind power,” he said.

Bejdic said the Philippines remains a very promising business destination for floating wind towers.

The BOI is also evaluating some P446 billion worth of investments in eight RE projects and a P225-billion pump-storage and solar energy project.

“We highly regard renewable energy projects, especially off-shore wind types, as game changers especially as more and more investors particularly in global value chains are looking for locations that provide solutions on net-zero carbon commitments of companies,” Pascual said.

He said the BOI is also engaged with the World Bank on the implementation of its recommendations on the Offshore Wind Study conducted in 2022. The WB ranked the Philippines as the 8th best location globally for offshore wind.

Pascual expects more investments in the renewable energy sector in 2023, as many companies beging the transition to cleaner power sources.

Tags: Alfredo PascualDepartment of Trade and Industryenvironmental protection
ADVERTISEMENT
Othel V. Campos

Othel V. Campos

Related Posts

Where to eat and enjoy the summer heat at Baguio City: SM City Baguio food crawl guide

byManila Standard
March 18, 2023, 10:30 pm
0
8
Where to eat and enjoy the summer heat at Baguio City: SM City Baguio food crawl guide

Summer is just around the corner and Baguio is one of the popular tourist destinations enjoyed both by local and...

Read more

Go Negosyo holds Women Entrepreneurship Summit to celebrate Women’s Month

byManila Standard
March 18, 2023, 10:20 pm
0
8
Go Negosyo holds Women Entrepreneurship Summit to celebrate Women’s Month

Go Negosyo held the Women Entrepreneurship Summit last Saturday, March 18, at the Ayala Malls Manila Bay in Parañaque City. Headlining the event was First Lady Liza...

Read more

SM Supermalls, SM Cares to join Earth Hour 2023

byManila Standard
March 17, 2023, 11:23 pm
0
8
SM Supermalls, SM Cares to join Earth Hour 2023

SM Supermalls, together with its corporate social responsibility arm SM Cares, is joining the rest of the world in observing...

Read more

The Filipino Design Studio: Summer Pop-Up

byManila Standard
March 17, 2023, 9:08 pm
0
8
The Filipino Design Studio: Summer Pop-Up

A Celebration of Filipino Creativity and Artistry Support local this summer as Kultura’s Filipino Design Studio opens once again this...

Read more

SM Cares, DOTr launch Share the Road video campaign to promote safer, more accessible roads

byManila Standard
March 17, 2023, 9:03 pm
0
8
SM Cares, DOTr launch Share the Road video campaign to promote safer, more accessible roads

In a bid to promote safer and more accessible roads in the country, SM Cares and the Department of Transportation...

Read more

PHILCONSTRUCT kicks off first leg of series in Clark this March

byThe Standard
March 17, 2023, 4:28 pm
0
8
PHILCONSTRUCT kicks off first leg of series in Clark this March

The biggest construction show series in the Philippines, PHILCONSTRUCT, is kicking off in 2023 with the first leg of the...

Read more

Print Edition

View More

Recent Posts

  • Rich, larger families waste more food than poor households—study
  • Teves’ secretary files case vs CIDG
  • NCR’s COVID positivity rate goes up from 2.2% to 3.2 % over the past week
  • Mommyki launches one-stop mobile app for pet shops and services
  • GSIS opens new branch in Tagum City
  • Groups unite vs. gender-based violence
  • Pimentel asks Blue Ribbon: Probe LTO ‘undue payment’
  • Lawmakers grill immigration staff on NAIA incident

Advertisement

Latest News

Groups unite vs. gender-based violence

byMaricel Cruz
March 20, 2023, 10:50 pm
0
8
‘NPA weakened  via NTF-ELCAC’

Tingog Party List Rep. Yedda Marie K. Romualdez on Monday lauded the joint effort of the House of Representatives, the...

Read more

Pimentel asks Blue Ribbon: Probe LTO ‘undue payment’

byManila Standard
March 20, 2023, 10:40 pm
0
8
Koko blasts Rody Senate bid

Senate minority leader Aquilino Pimentel III urged the Blue Ribbon Committee to immediately act on his filed resolution seeking an...

Read more

Lawmakers grill immigration staff on NAIA incident

byMacon Ramos-Araneta
March 20, 2023, 10:30 pm
0
8
Remittances from OFWs need to be protected, says Grace Poe

Sen. Grace Poe said airport and immigration personnel found liable for human smuggling incidents at the Ninoy Aquino International Airport...

Read more

Pact on oil spill cleanup

byNorman Cruz
March 20, 2023, 10:23 pm
0
8
Against red-tagging

Members of the Japan Coast Guard Disaster Relief Team, Philippine Coast Guard, and US Coast Guard Oil Spill Response Team...

Read more

BI reassigns staff over lengthy immigration interview

byVito Barcelo
March 20, 2023, 10:20 pm
0
8
Koreans top list of fugitive aliens captured by BI

Bureau of Immigration (BI) Commissioner Norman Tansingco has reassigned the BI officer who conducted a lengthy immigration interview to a...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App