To increase its capacity to 600 megawatts (MW), Philippine Geothermal Production Company Inc. (PGCP), a division of Sy-led SM Investments Corporation (SMIC), will invest Php 3 billion annually to expand its geothermal exploration and production projects.
In a report by the Manila Bulletin, the company said that it would focus on geothermal resource exploration in Cagayan, Daklan, and Kalinga in Northern Luzon, as well as Malinao, and Mount Labo in Southern Luzon.
These initiatives would be covered by PGPC’s Php 3 billion annual investment and, once operational, could increase the company’s overall energy capacity from 300 MW to 600 MW.
SM Investments President and CEO Frederic C. DyBuncio reaffirmed its dedication to using renewable energy by boosting its ability to supply steam.
DyBuncio added that the country’s geographic location within the “ring of fire” offered “tremendous potential for a low-carbon source of energy.”
The Tiwi and Makiling-Banahaw (MakBan) geothermal power plants, which are located in Albay, Batangas, and Laguna, are being supplied with geothermal steam by PGCP.
The Tiwi and MakBan steam fields, which have been in operation since March 2023, have helped reduce carbon dioxide emissions by at least 57.5 billion kg, which has resulted in the planting of 188,802 hectares of new trees.