Business representatives hold trade talks at the Philippines booth during the 22nd China International Fair for Investment and Trade held in September 2022. (ZHANG BIN / CHINA NEWS SERVICE)
MANILA — "We are very pleased with the enthusiasm" of Chinese investors who showed interest in promoting energy cooperation with the Philippines, said its energy secretary Raphael Lotilla on Monday, vowing his department will provide "full support" to hasten the energy cooperation.
In a statement, Lotilla said several Chinese companies have pledged to invest in the Southeast Asian country's renewable energy development, energy storage systems, and off-grid power supply systems.
The energy secretary said his country has set ambitious objectives of attaining 35 percent renewable energy share by 2030 and 50 percent by 2040
"They were upbeat with our policy reforms and directions on renewable energy, especially on the opening of 100 percent foreign ownership on wind and solar projects," Lotilla said.
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The Philippines has passed several acts for promoting foreign investment, including green-lighting foreign ownership in some key sectors including telecommunications, domestic shipping, railways and subways, and air transport.
The energy secretary said his country has set ambitious objectives of attaining 35 percent renewable energy share by 2030 and 50 percent by 2040, adding an additional 52,000 megawatts (MW) of renewable energy is well needed by 2040 to meet the targets.
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Of the 52,000 MW, 27,000 MW will be from solar and another 16,000 MW from wind. "However, this does not consider the total offshore wind potential of 178,000 MW for the Philippines," he added.