Major PH energy and infrastructure projects to be funded by US offers

In an effort to increase power supplies, lower electricity prices, and draw in investors, the US is thinking of funding renewable energy and infrastructure projects in the Philippines through its development financing arm. To discuss this, US Undersecretary of State Jose Fernandez met with representatives from mining corporations and the DOE.

The development finance organization (DFC) of the US government makes investments in emerging economies in a range of industries, including key infrastructure and energy.

Better infrastructure, according to Fernandez, might contribute to lower electricity prices in the Philippine renewable energy sector, drawing more investors into various businesses.

“On the one hand, you have semiconductor, mining and other industries that are looking for cheaper energy,” he said. “On the other hand, you have the Philippines that is tailor-made for renewable energy … you can turn a vulnerability into a competitive advantage, and in doing so, attract the [industries] of the future that are already saying that they want to come to the Philippines.”

With 99 gigawatts of potential capacity, the Philippines has the most potential for solar and wind power production in Southeast Asia, according to a recent report by the international think tank Global Energy Monitor.

Because of its unsubsidized power industry, the Philippines has some of the highest rates of electricity in the area. President Fernando de la Fuente (DFF) contends that there is a chance to invest in and advance clean energy due to the nation's abundant renewable energy resources, especially wind and solar power.

Via Inquirer