The Department of Energy (DoE) has partnered with the United States Agency for International Development (Usaid) to attract investments for the country’s power sector.
In a statement, Energy Secretary Alfonso Cusi said he hoped this “collaboration to promote energy security and development will be sustained and even enhanced,” noting that the US “remains a solid ally and one of the country’s major trading partners.”
On the virtual, three-day Energy Secure Philippines (ESP) Activity Co-Design Workshop that Usaid is hosting and which opened on Wednesday, the Cabinet official said it came “at an opportune time for the energy sector, as it plays a crucial role in promoting sustainable economic development, specially now that the country is gearing to recover from the Covid-19 pandemic.”
The ESP seeks to spur inclusive economic growth and resilient development by increasing private investments to promote advance technology deployment and boost the resilience of the energy sector against sectoral shocks and stresses.
The Philippines is expected to benefit from the ESP’s mobilization of private-sector investments to encourage increased engagement and collaboration with private entities to implement complementary interventions, according to Cusi.
“We anticipate that the project will contribute to our shared goals with the US government’s Asia Enhancing Development and Growth through Energy, or Asia Edge Initiative, to help combat poverty and foster economic progress,” he said.
The US launched Asia Edge in July 2018 as a whole-of-government effort to grow sustainable and secure energy markets throughout the Indo-Pacific region.
According to its website, this initiative aims to strengthen energy security, increase energy diversification and trade, and expand energy access across the region.