MANILA – The Department of Trade and Industry (DTI) will pursue collaborations with Brunei’s leading oil and gas companies in the Philippines’ renewable energy sector.
On the sidelines of President Ferdinand Marcos, Jr.’s two-day state visit to Brunei Darussalam, DTI Secretary Fred Pascual backed President Marcos’ appeal during a meeting with executives from Brunei Shell Petroleum (BSP), Brunei LNG (BLNG), TotalEnergies Brunei, Serikandi Oilfield Services, and Adinin Group of Companies on 29 May 2024.
According to Secretary Pascual, the Philippines recognizes Brunei’s extensive experience in the oil and gas industry, as well as its recent efforts to diversify its energy mix through renewable energy.
“Our country holds tremendous potential for clean energy, with abundant solar, wind, and tidal resources waiting to be harnessed. Brunei’s proven track record in energy projects positions you as a key partner in unlocking this potential,” Pascual said.
“With this, we look forward to the partnerships that this meeting will forge as both of our countries take the lead in Southeast Asia's clean energy future,” Pascual added.
The meeting also explored collaborative opportunities as the Philippines is seeking to learn from the experiences of Bruneian companies, following its transition to renewable energy investments.
DTI mentioned that discussions focused on key factors that can influence investment decisions in renewable energy projects to further attract Bruneian investments.
As part of the Philippines’ ongoing efforts to push for renewable energy investments, the DTI and other government agencies have implemented policies, such as the Renewable Lanes Initiative, which aims to streamline approvals and offers compelling incentives.
Meanwhile, the DTI believes the recent enactment of the Public-Private Partnership Code is helping to boost the country’s investment climate through stronger collaboration between the public and private sectors.
“This accelerates infrastructure development, another key driver of economic expansion,” DTI stated.
In addition, the DTI said that the 2022 Strategic Investment Priority Plan positions agriculture, fishery, forestry, and renewable energy across all of its three tiers, presenting them with significant investment opportunities through incentives under the Corporate Recovery and Tax Incentives for Enterprises Act, which offer tax breaks for up to 17 years and government support extending up to 40 years.
“The Philippines is taking a big step forward with the creation of these initiatives. By streamlining the investment process, prioritizing key sectors, and offering attractive incentives, we are sending a clear message: The Philippines is open for business and committed to sustainable economic growth. We look forward to a successful partnership with Brunei's energy leaders,” said the trade chief.
