MANILA—Energy Secretary Alfonso Cusi said Thursday there is a big business opportunity in the Philippines’ energy sector which could be taken advantage of by investors from the Association of Southeast Asian Nations (ASEAN).
“We’re inviting energy investors from ASEAN. The ASEAN summit is an opportunity for us to drum up to our neighbors that there is this development happening in the Philippines and they can participate,” Cusi said after attending the closed-door quarterly roundtable of the Wallace Business Forum at the Shangri-la Hotel in Makati City.
He said the potential business opportunity in energy is the result of the government’s ambitious “Build Build Build” infrastructure program.
“We’re going to build the energy supply for the infrastructure. From 2016 to 2030, 17,300 megawatts are needed to support the Ambisyon 2040 development plan of the government for the Philippines. An additional power of 26,000 MW from 2030 to 2040 or a total of 43,000 MW from 2016 to 2040 are needed to support the infrastructure projects,” Cusi said during the second round of the Dutertenomics Forum on Wednesday.
The energy chief has expressed optimism that investors would come.
“The investment opportunity is open for all and the Department of Energy will not put a cap and quota on the energy source of choice,” said Cusi. “I’m sure there will be entrants, particularly those who can offer the best for the Philippines and those who can provide the supply in the cheapest and most efficient way.”