TAGUIG CITY – Department of Energy (DOE) Secretary Alfonso G. Cusi yesterday (24 February) participated in the third Virtual Economic Briefing (VEB) hosted by the Philippine Embassy in Washington, D.C., United States of America.
Entitled “Towards a Resilient Post-Pandemic Economy”, the VEB seeks to boost economic relations between the Philippines and the United States by providing an avenue for key members of the public and private sectors to discuss potential cooperation areas.
In his introductory remarks, Secretary Cusi invited US investors to invest in the Philippine energy industry, particularly in the renewable energy (RE) sector.
According to the Energy chief, the Philippine Energy Plan 2020-4040, which outlines the country’s clean energy transition strategy, “opens up vibrant investment prospects” that have been further enhanced by “bold policies to increase the interest and participation of domestic and international investors”.
He highlighted some of the Department’s RE initiatives, including, among others, the Green Energy Option Program, Green Energy Auction Program, Renewable Market, and the policy allowing for full foreign participation in large-scale geothermal projects under Financial and Technical Assistance Agreements.
Secretary Cusi also talked about the opportunities in the energy efficiency and conservation space, where qualified energy efficiency projects have been incentivized in accordance with the Philippine Energy Efficiency and Conservation Act.
He also mentioned the Department’s keen interest in alternative and emerging energy sources and technologies, such as small modular reactors, potential hydrogen utilization, and the entry of more e-vehicles in the Philippine transport sector.
Joining Secretary Cusi in the government panel were Philippine Finance Secretary Carlos G. Dominguez III, Philippine Trade Secretary Ramon Lopez, US Trade and Development Agency Acting Director Ambassador Vinai Thummalapally, USAID Acting Assistant Administrator for Asia Ms. Karen Freeman, US International Development Finance Corporation Senior Advisor to the CEO Mr. Kyle Murphy, and US Department of State Deputy Assistant Secretary for Energy Transformation Ms. Anna Shpitsberg.
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