Power

DOE: PH a safe haven in energy investment

The Department of Energy (DOE) has vowed to continue to promote the Philippines as an energy investment haven as the country moves towards energy transition.

“Further pursuing President Rodrigo Duterte’s thrust to eliminate redtape and improve public service to spur socio-economic progress, the DOE continues its quest to promote the Philippines as an energy investment haven,” Energy Secretary Alfonso Cusi said in his welcomeremarks to the PEIC-ECCP “Philippine Energy Transition Forum” delivered by Energy Undersecretary Jesus Posadas.

“We need to increase the country’s attractiveness to local and international investors if we are to optimize the development and utilization of our energy resources, as well as increase the establishment of key energy infrastructure to secure the continuous, adequate, and reliable supply of energy,” Posadas said.

He said the DOE has undertaken several initiatives to woo investors such as the creation of a virtual energy investment-friendly system through RA 11234, or the Energy Virtual One-Stop Shop Act to streamline the permitting process for new power generation, transmission, and distribution projects and the issuance of EO 30, which formed the Energy Investment Coordinating Council and facilitated the declaration of certain projects as “energy projects of national significance.”

Cusi said that as the global community reels from the effects of the COVID-19 pandemic, the Philippine energy sector must endure, move forward, and maximize the opportunities emerging from the rubble of this health crisis.

“If anything, the year 2020 has provided us with the gateway to fast-track the energy transition as we endeavor to rebuild back better in the years to come,” he said.

Cusi said government cannot succeed on its own and called for a strong private sector cooperation and participation.

“I would like to invite our partners from the private sector who are watching us today to strongly consider doing energy business in the Philippines. Together, I am confident that we would weather the challenges of the new year, and jointly build a safe, strong, secure, and brighter tomorrow for the generations to come,” he said.

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