$6B renewable energy projects approved by BOI


The Board of Investments has approved $ 6 billion worth of total investments in renewable energy projects, Trade and Industry Secretary Alfredo Pascual said. 

Pascual, who is also BOI chairman, said in a Manila Bulletin report that the RE projects can generate around 3,000 new jobs to provide strategic directions to the country’s energy requirements. 

The Department of Trade and Industry (DTI) official said the Philippine Energy Plan supports a technology-neutral approach to obtain the optimal energy mix to ensure the country’s energy security. Pascual added that they are continuously pursuing studies on various energy fuel and technology options, including nuclear energy. 

Under the country’s National Renewable Energy Program (NREP), a 35% share of renewable energy must be achieved in the generation mix by 2030 and will increase to 50% share by 2040. 

During his State of the Nation Address (SONA), Pres. Ferdinand Marcos Jr. said that the country needs new power plants amid the continuously growing power demand.