MANILA, Philippines — The Philippines, through its consulate in Calgary, has proposed an opportunity for closer cooperation in the energy sector between companies based in Alberta and the Philippines.
Philippine Consul General to Calgary Zaldy Patron met with Alberta’s Minister of Energy Peter Guthrie last week to discuss opportunities for investments in the energy sector back home.
Alberta is said to be Canada’s energy capital, which the Philippines sees as a valuable partner in hopes to improve its own energy sector. The move to seek a partnership comes just after Manila opened renewable energy projects to up to 100% foreign ownership in order to attract more investors.
“Alberta’s energy companies that are diversifying and planning to do business outside Canada can consider the Philippines as a viable investment destination,” Patron said in a statement dated April 24.
The consulate cited the Department of Energy in emphasizing the country’s need to develop the sector, as at least $153 billion is needed to support initiatives.
President Ferdinand “Bongbong” Marcos Jr. himself emphasized the need to seek other energy sources—such as nuclear and developing fossil gas alongside renewable energy.
The Philippines is targetting to increase the share of renewable energy sources in its energy mix to 35% by 2030 and to 50% by 2040.
Source : Philstar