By Veronica Uy
Highlighting the Philippines’ commitment to fostering sustainable economic growth in the Indo-Pacific, President Ferdinand R. Marcos Jr. on Tuesday invited international investors to join the country achieve prosperity and sustainability.
In his keynote address at the 6th Indo-Pacific Business Forum, the President said, “Our renewable energy (RE) potential, with over 491,821 megawatts from sources like geothermal, hydropower, solar, and wind, is ready to be harnessed.”
The President emphasized the nation’s commitment to collaboration, innovation, and shared economic development, urging stakeholders to seize the unprecedented opportunities for growth in the region.
“Recent amendments to our Renewable Energy Act allow 100 percent foreign ownership of our RE sources, making us an attractive destination for clean energy investments,” he said.
Marcos noted the importance of clean energy in the Indo-Pacific Economic Framework (IPEF), stressing the need for renewable energy (RE) to drive energy security and decarbonization.
He announced ambitious plans to increase the share of renewables in the Philippines’ power generation mix from 22 percent to 50 percent by 2040.
The event, held at Shangri-La the Fort in Bonifacio Global City, Taguig, was attended by over 740 participants from various sectors.
The President underscored the strategic importance of the Philippines’ geographic location in the Indo-Pacific, coupled with its robust economic growth and significant trading outputs.
“As the Philippines occupies a strategic position in the Indo-Pacific, we are leveraging our strategic geopolitical location, economic engagements, and participation in regional agreements,” he said.
Marcos highlighted the nation’s role in the region’s economic landscape and its commitment to strengthening stakeholder engagement.
“This forum provides a platform to showcase our investment opportunities, economic potential, and ongoing development projects, solidifying our leadership role in the Indo-Pacific region,” he said.
Furthermore, President Marcos outlined initiatives to upgrade infrastructure, particularly in the Luzon Economic Corridor, aimed at enhancing connectivity and facilitating the smooth flow of goods and services. He said these efforts align with the Philippines’ vision to become a regional hub for smart and sustainable manufacturing and services.
The President’s remarks underscored the Philippines’ determination to lead the renewable energy revolution in the Indo-Pacific, setting the stage for a greener and more sustainable future for generations to come.