Chinese firms pledge $13.76B investments in PH energy sector

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.

The investment pledges were made following President Ferdinand R. Marcos Jr.'s visit to China, as announced by Department of Energy (DOE) Secretary Raphael Lotilla.

Some of these Chinese firms are already operating in the Philippines and plan to expand their operations, while others are significant players in China's energy sector.

Secretary Lotilla expressed satisfaction with the Chinese companies' positive reception to the Philippines' policy reforms and direction in renewable energy, especially the liberalization of foreign ownership in wind and solar projects.