By Francis Allan L. Angelo
The Department of Trade and Industry (DTI), along with other government agencies, is supporting President Ferdinand R. Marcos Jr.’s efforts to collaborate with Brunei’s leading oil and gas firms to advance the Philippines’ renewable energy sector.
DTI Secretary Fred Pascual endorsed President Marcos Jr.’s investment initiative during a meeting on May 29 with executives from Brunei Shell Petroleum (BSP), Brunei LNG (BLNG), TotalEnergies Brunei, Serikandi Oilfield Services, and Adinin Group of Companies. The meeting, held during the presidential visit to Brunei Darussalam, aimed to explore collaborative opportunities.
“Our country holds tremendous potential for clean energy, with abundant solar, wind, and tidal resources waiting to be harnessed. Brunei’s proven track record in energy projects positions you as a key partner in unlocking this potential. With this, we look forward to the partnerships that this meeting will forge as both of our countries take the lead in Southeast Asia’s clean energy future,” Pascual said in a press statement.
The Philippines acknowledges Brunei’s extensive experience in the oil and gas industry and its recent diversification into renewable energy, as outlined in Brunei Vision 2035.
Brunei’s companies, with their long history of success in the sector, are seen as valuable partners for the Philippines’ renewable energy development.
On the other hand, the Philippines offers a compelling investment proposition with its abundant solar, wind, and tidal energy resources.
The country recorded an impressive economic growth rate of 5.6% last year, the fastest in Southeast Asia, further strengthening its investment appeal.
As part of the Philippines’ ongoing efforts to attract renewable energy investments, the DTI and other government agencies have implemented policies such as the Renewable Energy Act of 2008, which eases foreign equity restrictions for these projects.
The DTI’s Green Lanes Initiative has also streamlined approvals and offered compelling incentives, unlocking a surge in renewable energy investments.
The recent enactment of the Public-Private Partnership Code has further bolstered the investment climate through stronger collaboration between the public and private sectors, accelerating infrastructure development.
The 2022 Strategic Investment Priority Plan identifies renewable energy as a key sector, offering significant investment opportunities through incentives under the Corporate Recovery and Tax Incentives for Enterprises Act, including tax breaks for up to 17 years and government support extending up to 40 years.
“The Philippines is taking a big step forward with the creation of these initiatives. By streamlining the investment process, prioritizing key sectors, and offering attractive incentives, we are sending a clear message: The Philippines is open for business and committed to sustainable economic growth. We look forward to a successful partnership with Brunei’s energy leaders,” Pascual said.
