The Department of Energy (DOE) is beefing up efforts to attract Php10 trillion in new energy projects under the updated Philippine Energy Plan.
Michael Sinocruz, chief of the DOE’s Planning Division said in an interview with the Manila Bulletin that the targeted investments would translate to 626,073 new jobs if the proposed ventures are concretized within the 2040 timeframe.
Among the new investments eyed are greenfield and expansion power projects for both renewable energy (RE) and thermal capacities; power transmission and distribution facilities; oil and gas explorations; as well as investments in the downstream oil sector, biofuels, and innovative technologies set to become part of the country’s energy mix in the future.
The DOE has pegged investments for new generation capacities to be at Php6.45 trillion, Php2.06 trillion of which is for RE. It also looks to attract Php853 billion for power distribution facilities and Php365 billion for transmission facilities.
Projected investments in the downstream oil industry within the next 20 years may reach Php190 billion, while downstream gas ventures like liquefied natural gas import terminals and ancillary facilities may fetch up to Php64.7 billion. Meanwhile, investments for the upstream industry or those involving exploration and development of oil and gas may reach Php4.8 billion. Coal, for its part, may yield Php4.14 billion.
Energy efficiency and conservation (EEC) ventures are seen to generate Php1.6 billion in new capital, while other alternative fuels and technologies could produce P560 million in fresh investments.
Most of the new jobs expected will still be coming from the usual installation projects for power generation, transmission, and distribution.
RE developments, meanwhile, could provide 10,616 Filipino workers with employment opportunities; followed by 4,325 for downstream natural gas; 1,452 for the downstream oil industry; 1,050 for alternative fuels and technologies; 1,000 for coal and petroleum exploration; and 390 for EEC ventures.