THE Department of Trade and Industry (DTI) is backing renewable energy cooperation with Brunei and is urging investments from oil and gas companies.
Trade Secretary Alfredo Pascual supported President Ferdinand Marcos Jr.'s investment pitch during a meeting with industry executives in Brunei on Wednesday.
"Our country holds tremendous potential for clean energy, with abundant solar, wind, and tidal resources waiting to be harnessed. Brunei's proven track record in energy projects positions you as a key partner in unlocking this potential," Pascual said.
Oil and gas firms that Philippine officials met included Brunei Shell Petroleum (BSP), Brunei LNG (BLNG), TotalEnergies Brunei, Serikandi Oilfield Services, and the Adinin Group of Companies.
"With this, we look forward to the partnerships that this meeting will forge as both of our countries take the lead in Southeast Asia's clean energy future," the trade chief said.
The meeting focused on key factors influencing investment decisions in renewable energy projects that allow the Philippines to optimize its approach to attract Brunei investment.
Both parties also explored collaborative opportunities as the Philippines sought to learn from the experiences of Brunei companies.
The companies were said to have initiatives that support Brunei's clean energy goals, like launching a flagship solar photovoltaic (PV) plant, using transitional fuels alongside renewables, and developing a solar power plant set to operate in 2025.
The DTI recognized Brunei's oil and gas expertise and its move toward renewable energy outlined in Brunei Vision 2035. It added that leveraging the success and experience of Brunei's energy firms would highly benefit the Philippines' renewable energy initiatives.
Pascual, meanwhile, highlighted the Philippines' attractive investment landscape through its vast solar, wind and tidal energy potential.
Additionally, he noted the country's robust economic growth of 5.6 percent last year, the highest in Southeast Asia, adding appeal to potential investors.
The Philippines is actively promoting renewable energy investments through policies such as the Renewable Energy Act of 2008, easing foreign equity restrictions. Other initiatives like the Green Lanes have also facilitated a surge in renewable energy investment by streamlining approvals and providing incentives.
"The Philippines is open for business and committed to sustainable economic growth. We look forward to a successful partnership with Brunei's energy leaders," Pascual said.
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