Inquirer
Almost half of $22.8B investment pledges in Marcos China visit for green energy
Chinese firms committed approximately $13.76 billion in investment pledges for the Philippines' renewable energy sector during President Ferdinand Marcos Jr.'s state visit to China.
The total investment pledges from the visit reached $22.8 billion, with renewable energy accounting for nearly half.
President Marcos Jr. expressed hope that Chinese investors would also explore manufacturing opportunities for project parts and equipment within the Philippines.
Investment interest primarily focused on solar and wind energy, with additional pledges for battery energy storage systems and off-grid power supply systems.
The Marcos administration aims for renewable energy to constitute 35 percent of the country's energy mix by 2030 and 40 percent by 2040, with solar and wind power being key contributors.
The National Grid Corporation of the Philippines (NGCP), responsible for the country's power transmission, is 40 percent owned by the State Grid Corporation of China.
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Nine Chinese companies have pledged a total of USD13.76 billion in investments in the Philippines, particularly in renewable energy, energy storage, and off-grid power supply systems.
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President Ferdinand R. Marcos Jr. secured USD22.8 billion in investment pledges from Chinese companies during his state visit to China from January 3 to 5.
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