ENERGY Secretary Alfonso Cusi said Thursday energy policies crafted by his office are not enough to make the country a haven for energy investments, particularly in Renewable Energy (RE) and Energy Security.
He urged investors to work closely together to help the Philippines attain energy security, equity, and sustainability.
Speaking at the virtual 5th Financial Executives Institute of the Philippines (Finex) General Membership Meeting for 2021, Cusi highlighted the country’s energy profile and the strategies of the DOE in attaining its energy goals.
“The government can introduce policies and laws to make the country a haven for investments and even out the playing field for stakeholders. Most of all, we need to ensure that the sector is equitable for both businesses and our consumers. Ultimately, however, we can only achieve our aspirations if the titans of the industry—both local and foreign—will stand with us side by side,” Cusi said.
Still, the agency will continue to craft proactive policies. “Way before this pandemic even came into play, the Philippines has always been aspiring for power supply sufficiency as a pre-requisite for an effective competitive spot market, and for bridging the logistics requirements of the country’s archipelagic layout,” Cusi noted.
The DOE chief underscored the crafting of proactive policies as sustainable growth strategies that the business community may take into consideration. Among these are Executive Order No. 116 (EO 116) which created the Nuclear Energy Program Inter-Agency Committee (NEP-IAC) to study the adaptation of a national position on a Nuclear Energy Program; Republic Act No. 11285, particularly in transforming EE&C as a national way of life; Moratorium on Endorsement of New Greenfield Coal-fired Power Plants in improving the Sustainability of the Philippines’ Electric Power Industry; Department Circular (DC) No. 2018-01-0001 as a guide for energy stakeholders in making the sector resilient to disasters; Renewable Energy (RE) Act of 2008 which promotes the development of the country’s renewable resources; and the 3rd Open and Competitive Selection Process (OCSP3) which allows 100-percent foreign participation in large-scale geothermal exploration, development, and utilization projects.
To realize the success of these policies, Cusi also called for the support of industry titans to take advantage of the government’s existing policies and consider the Philippines as their gateway to the Asia-Pacific region.
Among those present in the virtual event were Finex President Francis ED. Lim, Energy Development Corporation President Richard Tantoco, members of the Finex board of directors and executives of financial institutions.