The Philippines is seeking renewable energy partnerships with leading oil and gas companies in Brunei

The Department of Trade and Industry (DTI), along with other government agencies, supported President Ferdinand R. Marcos Jr.’s efforts. aimed at working with leading oil and gas companies in Brunei to develop the growing renewable energy sector in the Philippines.

DTI Secretary Fred Pascual has supported President Marcos Jr.’s investment appeal. during a meeting with executives from Brunei Shell Petroleum (BSP), Brunei LNG (BLNG), TotalEnergys Brunei, Serikandi Oilfield Services and Adinin Group of Companies. The meeting took place on the sidelines of the president’s visit to Brunei Darussalam on May 29.

“Our country has enormous clean energy potential, with abundant solar, wind and tidal energy resources waiting to be tapped. Brunei’s proven experience in energy projects makes you a key partner in unlocking this potential. We therefore look forward to the partnerships that will be forged at this meeting as both of our countries take the lead in Southeast Asia’s clean energy future,” said Secretary Pascual.

The Philippines recognizes Brunei’s extensive experience in the oil and gas industry and its recent efforts to diversify its energy mix with renewable energy as outlined in Brunei Vision 2035. Brunei’s oil and gas companies, with their long history of success, are uniquely positioned to contribute contributing valuable knowledge and experience to the development of renewable energy in the Philippines.

On the other hand, the Philippines offers an attractive investment proposition thanks to its abundant solar, wind and tidal energy resources. Strengthening its investment attractiveness, the country achieved an impressive economic growth of 5.6% last year, the fastest in Southeast Asia.

The meeting explored opportunities for cooperation as the Philippines sought to learn from the experience of Bruneian businesses in transitioning to renewable energy investments. Discussions focused on key factors influencing investment decisions in renewable energy projects, enabling the Philippines to optimize its approach to attracting investment from Bruneia.

To push for renewable energy investment, the DTI and other government agencies have implemented policies such as the Renewable Energy Act of 2008 to ease restrictions on foreign capital for these projects. DTI also promotes renewable energy investment through programs such as the Green Lanes Initiative, which streamlines permitting and offers attractive incentives.

Moreover, the recent enactment of the Public-Private Partnership Code has further improved the investment climate in the country through closer cooperation between the public and private sectors, accelerating the development of infrastructure, a key factor in economic expansion.

Additionally, the 2022 Strategic Investment Priorities Plan includes agriculture, fisheries, forestry and renewable energy at all levels. This plan creates significant investment opportunities with incentives under the Business Recovery Act and business tax incentives, offering tax breaks for up to 17 years and government support extending to 40 years.

“The Philippines is taking a big step forward by creating 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 successful collaboration with Brunei’s energy leaders,” said the Chief Trade Officer.

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