Philippines seeks $135 billion in power investments

Philippines seeks 5 billion in power investments
Santa Rita power plant in the Philippines. Picture: Siemens

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.



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[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...

Philippines seeks 5 billion in power investments
Santa Rita power plant in the Philippines. Picture: Siemens

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.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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