MANILA, June 5 (Xinhua) -- The Philippines looks forward to seeing Chinese investments pouring into renewable energy which remains to be the priority sector of the Philippine government, the Department of Trade and Industry said in a statement released over the weekend.
During a recent forum on offshore wind, Philippine Trade and Industry Secretary Alfredo Pascual expressed hope that the Southeast Asian country would attract more offshore wind power projects, especially from China.
"Our geographical position puts us in an enviable position to harness the power of renewable energy," Pascual said, adding his country needs 52,800 megawatts of renewable energy capacity to achieve its target of having 50 percent of renewable energy in its power germination mix by 2040.
"Energy demand in the Philippines is growing with our country's projected strong economic growth. The demand for energy, especially for green energy, is expected to outpace our current supply level," he said.
According to the World Bank Group, the Philippines has 178 gigawatts of technical offshore wind potential and can deploy 40 gigawatts of offshore wind electricity by 2050.
In May, Philippine President Ferdinand Romualdez Marcos signed an executive order mandating the creation of a policy and administrative framework for the optimal development of offshore wind resources in the country.
The Philippines' Board of Investments has approved three offshore wind projects which worth 390 billion pesos (roughly 6.95 billion U.S. dollars) in the first quarter, with a total capacity of 1,300 megawatts.
"Chinese investors and businesses can rely on the country's roadmap in offshore wind development," Pascual said.