Green transition may open economic opportunities for Philippines

“The Philippines being a major seafaring nation, is interested in the green transition, particularly in ensuring the upskilling of Filipino seafarers to be prepared for green jobs.”

SINGAPORE – The green transition is seen opening economic opportunities for the Philippines, but incentives will be needed to encourage investments in this space, the Department of Transportation said.

Speaking at the Asia Infrastructure Forum, Transportation Secretary Jaime Bautista said the shift toward a green economy is presenting economic value for the Philippines as the transition happens.

The green economy shift involves adopting practices that minimize carbon emissions, promote resource conservation and encourage renewable energy sources.

“Probably, the more obvious economic value is that it presents an opportunity for investments, particularly in establishing green or sustainable infrastructure,” Bautista said.

He said investment opportunities are being made available in the construction of offshore wind farms, where the generation of clean energy entails huge capital investments.

The production, delivery and transport of green fuels also offers investment opportunities, particularly, the construction of the appropriate infrastructure for such.

“Beyond infrastructure, the field of research and development on green transition also presents economic opportunities for technical people,” he said.

He said the Philippines being a major seafaring nation, is interested in the green transition, particularly in ensuring the upskilling of Filipino seafarers to be prepared for green jobs.

He said a public utility vehicle (PUV) modernization program is also being undertaken in the Philippines, which will open opportunities for manufacturers of modern vehicles.

“There are like 180,000 old jeepneys operating in the Philippines. And with the implementation of the PUV modernization program, we will be able to replace these vehicles with Euro 4, Euro 5 and electric vehicles,” he said.

To attract investments in the green transition, he said incentives are important.

“One important aspect is to give incentives to those who will invest in programs such as this one (PUV modernization),” he said.

In the Philippines, the government has brought down the tariffs on electric vehicles and parts and components to encourage the shift to these environment-friendly vehicles.

“I think this is a policy that we should look at, and we should support so that we can encourage more investors to support this,” Bautista said.