Renewable Energy Push: President Marcos Advocates For Investments In The Philippines

President Ferdinand R. Marcos Jr. pitched the Philippines’ investment potential at the 6th Indo-Pacific Business Forum (IPBF) emphasizing the government’s efforts to develop the Luzon Economic Corridor, the country’s renewable energy prospects, and ongoing digitalization initiatives.

In his address, President Marcos underscored the importance of upgrading Luzon Island’s infrastructure to boost workforce capabilities and streamline the flow of goods and services. He highlighted key projects aimed at stimulating growth in the Luzon Economic Corridor, which strategically connects Subic, Clark, and the CALABARZON region, a critical area for export-manufacturing firms.

“These initiatives will enhance freight transport services, mobility, and access to key economic zones, ensuring business continuity and positioning the Philippines as a regional hub for agribusiness and logistics in the Asia-Pacific,” President Marcos stated.

The President also spotlighted the Philippines’ significant renewable energy (RE) potential, with over 491,821 megawatts available from geothermal, hydropower, solar, and wind sources. Recent amendments to the Renewable Energy Act, allowing 100 percent foreign ownership of RE sources, have made the country an attractive destination for clean energy investments.

“We intend to tap this vast potential as we target to increase the share of renewables in our power generation mix from the current 22 percent to 50 percent by the year 2040,” President Marcos announced.

In addition to infrastructure and renewable energy, the President highlighted the Philippines’ digital transformation strategy. This government-led initiative aims to enhance digital infrastructure, connectivity, and business facilitation, particularly benefiting micro, small, and medium enterprises (MSMEs).

“We believe that Indo-Pacific investors have the potential to contribute significantly to the expansion of such businesses,” President Marcos noted.

The President also pointed to the Philippines’ strategic location, robust IT-BPM competencies, and ongoing transition from Business Process Outsourcing to Knowledge Process Outsourcing, including market intelligence, business analytics, legal services, and artificial intelligence.

Furthermore, President Marcos highlighted the Philippines as a gateway to the Southeast Asian consumer market, which exceeds 600 million people. The country’s proximity to these growing economies offers companies the opportunity to enter diverse supply chains and participate in inter-country economic systems, fostering collaboration and partnerships.

The President’s address underscored the Philippines’ commitment to enhancing its investment landscape, leveraging its strategic location, and advancing its economic infrastructure to attract global investors.