Investment prospects in the country’s energy sector are full of promises and ‘potential energy,’ Department of Energy secretary Alfonso Cusi said during the EU-Philippines Business Summit 2016.
In his keynote speech, Cusi said the country’s energy sector is an area rife with investment opportunities as it is capital intensive and private sector-led.
“Our priorities in the sector remain centered on energy security, with stark focus on increasing supply, improving reliability and resiliency of our energy infrastructure,” he said.
The DOE, according to Cusi, is committed to strengthen its international ties “cognizant that comity and reciprocity are what really set the stage and the tone for a healthy inflow of investments to the country.”
“In the process, we not only contribute to our economic development, but also enhance our reputation in the international community and help achieve the ideals of the United Nations, one of which is Sustainable Energy for All,” Cusi said.
The energy secretary laid down all of the sector’s projects under the Duterte administration, including “One grid Philippines,” that aims to interlock the Mindanao grid with the Luzon and Visayas grids by 2022.
“We are aiming for total electrification of every household throughout our three major islands by 2020,” Cusi said.
He added that with the nation on track with industrialization and economic development, the department is in the process of reviewing the fuel and capacity mux policy to address the rise of power supply demand.
“We are now in the process of reviewing our fuel and capacity mix policy to really ensure the right level of diversification and balance in our existing energy resources, to avoid overdependence on any one fuel source,” the energy chief said.
Policies for investments
Aside from energy projects, Cusi also laid out planned energy policies that will create an impact on the country’s business and investments.
Cusi said that they want a policy that would declare energy projects as ‘national significance projects’ that would enjoy “expeditious and preferential treatment in the permitting process.”
“[They] should be protected from court injunctions, and be entitled to incentives, such as exemption from real property taxes and other local taxes,” he said.
The Doe will also plot down preferred areas for locating energy infrastructures that will lessen right of way issues and improve the competitiveness of local governments.
“We are also studying a National Policy on Clean Civilian Nuclear Energy in order to determine its rightful place in the energy mix, and to resolve with finality the Bataan Nuclear Power Plant (BNPP) impasse,” he added.
Finally, Cusi assured the European business community the fullness of energy in the country.
“We assure the ECCP and the EU business community that investment prospects in the Philippine energy sector are full of promise and potential energy,” he said.