President Ferdinand R. Marcos Jr. has extended a warm invitation to businesses in Singapore to consider the Philippines as their investment hub for renewable energy. During his participation in the 10th Asia Summit Fireside Chat in Singapore, President Marcos highlighted the government’s efforts to lower electricity rates and attract foreign investors to the country’s renewable energy sector.
Under the new policy, foreign investors are now allowed 100 per cent equity in the exploration, development, and utilization of solar, wind, hydro, and ocean or tidal energy resources in the Philippines. President Marcos emphasized that this policy change aligns with the country’s objectives of attracting foreign investments to bolster the renewable energy sector and meet long-term climate targets.
“With this development, I encourage our Singapore partners to consider the Philippines and take part in the country’s goal of increasing the renewable share in power generation and offering lower-cost and cleaner energy to the general public,” President Marcos stated during a roundtable meeting with business leaders.
Singapore, ranking 5th among the top destinations for Philippine products, holds significant potential for collaboration in the renewable energy sector.
President Marcos, in his keynote address at the 10th Asia Summit Fireside Chat, became the first sitting Philippine president to address the Milken Institute’s Asia Summit. He expressed his gratitude to the Milken Institute for its role in promoting a healthy business environment in the Philippines.
During his discussions with business leaders and economic managers, President Marcos emphasized the strong bilateral ties between the Philippines and Singapore, which have thrived despite the global pandemic. He highlighted the “people-to-people” foundation of this relationship, which has laid the groundwork for various agreements and partnerships.
The President also noted that Singapore is the largest source of foreign investments in the Philippines and underlined the significant growth in Philippine exports to Singapore in 2022. Furthermore, he invited Singaporean investors to explore opportunities in the Philippines’ start-up ecosystem, emphasizing the nation’s young and talented workforce.
President Marcos’ visit to Singapore aimed to strengthen economic cooperation and enhance diplomatic relations between the two nations.
