Promoting renewable energy: President Marcos advocates for investment in the Philippines

President Ferdinand R. Marcos Jr. presented the Philippines’ investment potential at the 6th Indo-Pacific Business Forum (IPBF), highlighting the government’s efforts to develop the Luzon Economic Corridor, the country’s renewable energy prospects, and ongoing digitalization initiatives.

In his speech, President Marcos stressed the importance of modernizing Luzon’s infrastructure to increase labor capacity and improve the flow of goods and services. He highlighted key projects to stimulate growth in the Luzon Economic Corridor, which strategically connects Subic, Clark and the CALABARZON region, a critical area for companies engaged in exports.

“These initiatives will improve freight transportation services, mobility and access to key economic zones, ensuring business continuity and positioning the Philippines as a regional agribusiness and logistics center in the Asia-Pacific region,” President Marcos said.

The President also noted the Philippines’ significant renewable energy (RE) potential, with over 491,821 megawatts available from geothermal, hydro, solar and wind sources. Recent amendments to the Renewable Energy Act, allowing 100% foreign ownership of renewable energy sources, have made the country an attractive place for clean energy investments.

“We intend to harness this enormous potential by striving to increase the share of renewable energy sources in our power generation mix from the current 22 percent to 50 percent by 2040,” President Marcos announced.

In addition to infrastructure and renewable energy, the President highlighted the Philippines’ digital transformation strategy. This government-led initiative aims to improve digital infrastructure, connectivity and business facilitation, with particular benefit to micro, small and medium enterprises (MSMEs).

“We believe that Indo-Pacific investors have the potential to make significant contributions to the development of such enterprises,” President Marcos noted.

The president also noted the Philippines’ strategic location, solid IT-BPM competencies, and continued shift from business process outsourcing to knowledge process outsourcing, including market intelligence, business analytics, legal services and artificial intelligence.

Additionally, President Marcos emphasized that the Philippines is the gateway to the Southeast Asian consumer market, which is home to over 600 million people. The country’s proximity to these developing economies offers companies the opportunity to enter diverse supply chains and participate in international economic systems, fostering cooperation and partnerships.

The president’s speech highlighted the Philippines’ commitment to improving the investment landscape, leveraging its strategic location and developing economic infrastructure to attract investors from around the world.

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