BOI, NZ EXPLORE GEOTHERMAL ENERGY OPPORTUNITIES IN PH

MAKATI CITY — The Board of Investments (BOI) remains a key driver in positioning the Philippines as a preferred destination for renewable energy investments, particularly in geothermal energy, as it hosted a high-level delegation from New Zealand. On September 23, 2024, officials from BOI, led by Executive Director for Investments Promotion Services Evariste Cagatan, welcomed the delegation at the BOI Main Office in Makati City for a comprehensive briefing on geothermal energy investment opportunities in the country.

The 16-member delegation, representing key players in the renewable energy sector, was joined by BOI officials and other Philippine government representatives. Discussions centered on the Philippines’ strategic advantages, particularly in renewable energy and the IT-BPM sectors, as well as ongoing investment relations between the Philippines and New Zealand.

Executive Director Cagatan, in her Welcome Remarks, underscored the Philippines’ strong economic growth and appeal to international investors, particularly in renewable energy. “Improvements in our business environment have helped increase investor interest, but fundamentally, we credit it to the inherent strength and competitive advantage of the Philippines – our PEOPLE. Your businesses can take advantage of our dynamic, highly-skilled, and cost-efficient talent pool. Moreover, renewable energy projects continue to dominate our investment approvals with 96% share, underscoring our commitment to sustainable development.”

In her message, BOI Director for International Investments Promotions Lanie Dormiendo emphasized the country’s commitment to sustainability and renewable energy development. “The Philippines is positioning itself as a regional hub for globally competitive, innovative, and sustainability-driven industries. With our strategic location, abundant natural resources, and skilled workforce, we are well-placed to be the location of choice for renewable energy (RE) development. Through the National Renewable Energy Program (NREP), the country aims to increase the share of RE in our total energy mix to 35% by 2030 and 50% by 2040. Geothermal energy, along with wind, solar, and hydro, plays a crucial role in achieving these targets,” she said.

National Economic and Development Authority (NEDA) National Policy and Planning Staff OIC-Director Narvaez further stated that the Philippine economy showed a strong performance, growing by 6% in the first half of 2024.

This growth was driven by government expenditure, public construction, and a rebound in the manufacturing sector. Looking ahead, the country is well-positioned to achieve its growth target of 6 to 7% for the year, with expectations for even more robust growth in the coming years as current investments, particularly in RE, begin to bear fruit.

The meeting marks a significant step in deepening economic ties between New Zealand and the Philippines, particularly in the renewable energy sector, as both countries share a commitment to sustainable development.