MANILA, Philippines - The Philippines is being envisioned to become a regional hub for renewable energy projects in the near term, an energy official said.
Energy assistant secretary Mario Marasigan said the development of new renewable energy projects would spur growth in the manufacturing sector as well.
“One of the visions we’re working on, if we develop the resources, then we can develop the technologies. If it works well, then the market will be there,” he said.
If the country will be able to boost investments in RE, many manufacturing companies would put their factories here.
The Renewable Energy Act was passed in 2008. Since then, there were about 205 contracts signed by the DOE for new RE projects amounting to P88 billion or equivalent to 4,400 MW worth of new capacities.
Some 382 proposals are now being evaluated by the DOE and are expected to be approved soon.
At present, SunPower Philippines Manufacturing Ltd., a unit of the US-based solar technology developer, has a manufacturing plant in Laguna.
Marasigan said they are optimistic to see more assembly plants such as Sunpower in the near future.