Palace expects influx of investments despite power crisis
MANILA, Philippines - Malacañang hopes to see an influx of foreign investors into the power sector with the energy department’s warning of a looming power shortage next year.
Presidential Communications Operations Office Secretary Herminio Coloma Jr. said they expect investments to increase as the government, through the Department of Energy, addresses concerns in the energy sector.
Energy Secretary Jericho Petilla earlier said the rising demand for electricity is threatening to outpace power supply next year.
Coloma said that before Petilla’s announcement, the DOE chief had outlined electrification projects in various stages of completion across the country.
“The simultaneous setting up of power plants shows the investors’ continued confidence in the strength of our economy,” Coloma said in Filipino on Thursday.
He said it was the country’s rapid economic growth that necessitated the establishment of additional power plants. Coloma said foreign investors are aware of the opportunities such development offers.
He also cited the positive perception of the economy by delegates to the World Economic Forum last May in Manila. – With Ric Sapnu
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