Saturday, January 23, 2021

DoE to firms: Invest in the Philippines


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THE government is persuading companies to invest in the Philippines, with a Cabinet official emphasizing the country’s “favorable” investment climate and the economy’s good condition.

“I invite all the investors who are here today to take a closer look at the Philippines, your gateway to the Asia-Pacific region,” Energy Secretary Alfonso Cusi said during the 5th Annual Global Conference on Energy Efficiency hosted by the International Energy Agency.

In his keynote speech, Cusi cited the Japan Credit Rating Agency’s raising the Philippines’ credit rating to “A-” from “BBB+” with a “stable” outlook, which was attributed to the country’s resilience amid the coronavirus disease 2019 (Covid-19) pandemic.

“With this positive outlook, the economy is still projected to be in good shape and the country’s investment climate is still favorable,” the Energy chief said.

“There will be many new opportunities for you to explore as a result of the country’s increasing power demand, expanding industries and growing population,” he added.

The government, through the Department of Energy, has taken “solid steps” to make it easier for entities to invest in the country. These include the institution of the Energy Investment Coordinating Council and the Energy Virtual One-Stop Shop Law to harmonize, integrate and streamline the processing of permits and requirements for various energy projects.

The department has been pursuing three key strategies to attract investors and help ensure the availability of energy across the country. These include establishing a conducive investment climate, attaining energy independence and adopting a technology-neutral policy.

Cusi also the Philippine Conventional Energy Contracting Program. Launched in November 2018, the program facilitates the exploration and development of the country’s native energy resources and revitalizes its upstream oil and gas sector.

“We are giving investors the freedom to choose where to put their investments. This way, we are building our capacity without sacrificing the development of renewable resources, which are indigenous to the country,” he said.



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