PHL obtains US commitment to promote investment in renewables, minerals
THE Department of Trade and Industry (DTI) said the US has agreed to promote investment in Philippine renewable energy, infrastructure, and mineral processing.
In a statement on Wednesday, the DTI said that Trade Secretary Alfredo E. Pascual met with US Secretary of Commerce Gina Raimondo to discuss more US investment in the Philippines.
Mr. Pascual pitched geothermal, solar, and wind projects aimed at shoring up Philippine energy security and bringing power prices down.
Mr. Pascual also sought partnerships in developing metals needed in the green economy transition, citing the nickel, copper, and cobalt resources of the Philippines, which are in demand for technology products and batteries.
“We are promoting the e-vehicle industry and high technology production in the Philippines. The Philippines wants to add value by processing these mineral resources instead of simply exporting ore,” Mr. Pascual said.
Mr. Pascual agreed to organize an infrastructure business matching exercise with US companies.
He also sought for Ms. Raimondo’s support in reauthorizing the US Generalized System of Preferences, which offer duty-free entry of various Philippine goods to the US.
Mr. Pascual said the Philippines wants to further engage with the US in promoting and generating investment while pushing for labor rights, environment, and good governance, following the Philippines’ participation in the Indo-Pacific Economic Framework.
“Attracting foreign investment into our country is a top priority of the new administration. We will build on recent policy reforms, particularly amendments to the Foreign Investments Act, Public Service Act, and Retail Trade Liberalization Act,” Mr. Pascual said. — Revin Mikhael D. Ochave