Philippines seeks $135 billion in power investments
The Philippines is seeking investment from China and Japan for $135 billion worth of power projects that President Rodrigo Duterte’s government is ready to fast-track, Bloomberg reported.
The country has held discussions with China, Japan, Russia and others about helping it boost generation capacity by 43 gigawatts in the coming decades to stabilise its power supply as the economy expands, according to Energy Secretary Alfonso Cusi. Projects endorsed by his office will be approved within 30 days under an order recently signed by Duterte, instead of the months or even years it had taken proponents in the past, he said.
“There’s a lot of expressions of interest to invest in the Philippines, and we’re going to make it easy for investors,” Cusi told BLoomberg, adding that “we are open to all parties, all countries. In all the trips we had, we made the sales pitch.”
Japan and China already poured billions into the region’s energy development. Japan has either sponsored or financed 21 projects with a combined value of $23.7 billion that are currently under construction or planned in Southeast Asia, while China has backed 21 projects worth $32.8 billion, according to BMI Research.
[caption id="attachment_30345" align="alignleft" width="300"] Santa Rita power plant in the Philippines. Picture: Siemens[/caption] The Philippines is seeking investment from China and Japan for $135 billion worth of power projects that President Rodrigo Duterte’s government is ready to fast-track, Bloomberg reported. The country has held discussions with China, Japan, Russia and others about helping it boost generation capacity by 43 gigawatts in the coming decades to stabilise its power supply as the economy expands, according to Energy Secretary Alfonso Cusi. Projects endorsed by his office will be approved within 30 days under an order recently signed by Duterte, instead of the...
The Philippines is seeking investment from China and Japan for $135 billion worth of power projects that President Rodrigo Duterte’s government is ready to fast-track, Bloomberg reported.
The country has held discussions with China, Japan, Russia and others about helping it boost generation capacity by 43 gigawatts in the coming decades to stabilise its power supply as the economy expands, according to Energy Secretary Alfonso Cusi. Projects endorsed by his office will be approved within 30 days under an order recently signed by Duterte, instead of the months or even years it had taken proponents in the past, he said.
“There’s a lot of expressions of interest to invest in the Philippines, and we’re going to make it easy for investors,” Cusi told BLoomberg, adding that “we are open to all parties, all countries. In all the trips we had, we made the sales pitch.”
Japan and China already poured billions into the region’s energy development. Japan has either sponsored or financed 21 projects with a combined value of $23.7 billion that are currently under construction or planned in Southeast Asia, while China has backed 21 projects worth $32.8 billion, according to BMI Research.
