Singaporean businesses urged to invest in Philippines renewables sector

Department of Trade and Industry (DTI) Secretary Alfredo Pascual urged Singaporean businesses to consider strategic investment opportunities in the Philippines. Speaking at the CEO Roundtable during the Milken Institute Asia Summit, Pascual emphasised the Philippines' strengths: a large, growing middle class within its 115-million population and a skilled, youthful workforce. He highlighted sectors like renewable energy, infrastructure, and digitalisation. Under President Ferdinand R. Marcos Jr.'s administration, the country has liberalised its renewable energy sector, permitting 100% foreign ownership. This move aims to reach a 35% renewable energy share by 2030 and 50% by 2040. As evidence of this commitment, Pascual cited the approval of 126 new renewable energy contracts with a combined potential of 31,000 megawatts.