Philippines woos Japan, Asean investments in renewable energy

TOKYO — Now open to full foreign ownership, the renewable energy sector is ripe for picking as a viable investment, President Marcos said yesterday as he invited Japan and members of the Association of Southeast Asian Nations (ASEAN) to give it a try, along with “other emerging technologies.” 

In a speech at the Asia Zero Emission Community (AZEC) leaders’ meeting here, Marcos said promoting the use of clean energy is important in ensuring a sustainable future. He added that the Philippines needs partnerships as it transitions towards the use of sustainable, just, affordable and inclusive energy.

“I would like to invite our AZEC partners, including Japan, to invest not only in the Philippine renewable energy industry, but also in other emerging technologies and introduce energy efficiency and conservation measures,” the President said.

ASEAN member-countries, Japan and Australia comprise AZEC.

Marcos enumerated policies that seek to promote the renewable energy sector, including tax incentives and the lifting of foreign ownership limits.

The Philippines has also set in place a framework for building a robust offshore wind industry, he added.

“Investors in the Philippines can also now avail of the simplified rules for building renewable energy facilities and may also avail of additional incentives such as income tax holidays and duty-free importation of capital equipment,” the Chief Executive said.

Marcos said the first wind farms in Southeast Asia were built in Ilocos Sur province during his term as governor.

He revealed that the Philippines seeks to raise the renewable energy share in its power generation mix to 35 percent in 2030 and to 50 percent in 2040. This would amount to about 3.3 billion tons of avoided greenhouse gas emissions over the 2023-2050 planning horizon, almost doubling the country’s targeted emission reduction from the business-as-usual  for the same period, Marcos added. 

Marcos also thanked Japan for its interest in partnering with the Philippines for the creation of a roadmap for energy transition.

“I hope that this collaboration will pave the way for the creation and realization of the AZEC Center, which I have been informed  is currently