In the wake of President Ferdinand R. Marcos Jr.’s diplomatic endeavors abroad, the Philippines is gearing up for a wave of projects in the realms of renewable energy and agriculture. Trade Undersecretary Kim Bernardo-Lokin disclosed that the President’s foreign trips and government roadshows, particularly in Europe, have generated significant interest in renewable energy initiatives.
During the European investment roadshow, offshore wind projects, incorporating cutting-edge technologies, captured attention. Lokin highlighted collaborations between foreign companies and the Department of Energy (DOE), emphasizing the government’s openness to embrace innovative renewable energy solutions.
The recent visit to Japan by President Marcos also bore fruit in inquiries from Japanese companies exploring self-sustained power generation in the Philippines. Some companies already established manufacturing facilities in the country and expressed interest in renewable energy production. In response, President Marcos pledged additional incentives through the Board of Investments (BOI), signaling a proactive approach to addressing high energy costs.
Lokin stressed that foreign investors are taking an active role in securing their energy supply, investing in renewable energy sources independently. The move is seen as a positive step towards mitigating the impact of high energy costs in the country.The Department of Trade and Industry (DTI) is closely monitoring these developments, revealing that there are at least 20 identified projects in various stages, with more in the pipeline. These projects span multiple sectors, including manufacturing, IT-BPM, renewable energy, data centers, and telecommunications.
The cumulative investments resulting from President Marcos’ foreign visits reached PhP4.019 trillion (US$72.178 billion), showcasing the tangible outcomes of diplomatic initiatives on the Philippine economic landscape.