Cusi invites businessmen to invest in ASEAN's energy industry

MANILA, Philippines — Energy Secretary Alfonso Cusi on Wednesday invited businessmen to invest in ASEAN’s energy sector, especially in the Philippines, as he touted the region’s “open and transparent market.”

“It is now imperative on us to draw in more investments and expertise to ensure that we are prepared for this new future,” Cusi said in his opening speech during the 35th ASEAN Ministers on Energy Meeting in Manila.

“Not only because of our growth potential, but also because of our efforts to make our region the primary investment destination for foreign investors. This is especially true here in the Philippines, where we intend to fulfill our side of the deal,” he added.

Cusi then pointed out the increasing demand for relatively cheaper natural gas from Asia, which he said complemented the growing supply from the rest of the world.

“My friends, if ever there was a right time to invest in energy in ASEAN, it is now!” he remarked.

Last April, Cusi invited Southeast Asian investors in the Philippine power sector as the administration’s massive infrastructure program would require a huge amount of energy supply.

Cusi said the investment opportunity is open for all and the DOE would not put a cap and quota on the energy source of choice.

“From 2016 to 2030, 17,300 megawatts is needed to support the Ambisyon 2040 development plan of the government for the Philippines,” the Energy chief said.

“An additional power of 26,000 MW from 2030 to 2040 or a total of 43,000 MW from 2016 to 2040 is needed to support the infrastructure projects,” he added.