President Marcos acknowledged the high cost of power as a challenge for investors in the Philippines and assured energy business leaders that efforts are underway to address this issue.
Speaking during his state visit to Brunei, Marcos discussed the need to improve the country’s transmission system and increase the availability and efficiency of power distribution.
He highlighted plans to use the Maharlika Investment Fund to construct more transmission facilities and promote high-impact infrastructure projects.
Marcos also called on Bruneian investors to invest in the Philippines’ growing renewable energy sector, emphasizing the government’s goal to reduce fossil fuel use and diversify energy sources.
Additionally, he noted the passage of the Renewable Energy Act, allowing 100% foreign ownership of renewable energy projects, as part of the effort to increase renewable energy’s share in the energy mix to 35% by 2030 and 50% by 2040.
Source: PhilNews24 | May 31, 2024
