President Ferdinand Marcos Jr.’s recent state visit to China resulted in a significant amount of investment in the Philippines, with a total of $22.8 billion in pledges made. According to the Presidential Communications Office (PCO), the majority of these investment commitments, $13.76 billion, will be directed towards renewable energy sources such as solar and wind power, as well as related sectors such as battery energy storage systems and off-grid power supply systems. The remaining $7.32 billion will be used for strategic monitoring of electric vehicles and mineral processing, while $1.72 billion will be invested in agricultural businesses.
During the visit, President Marcos also invited Chinese business executives to invest in a variety of industries, including mineral processing, battery precursor production, assembly, and manufacturing of electric vehicles and their parts. The PCO reported that investments in coconut and food processing, durian production and development, and alternative green technology for livestock were also committed.
The President’s state visit to China was accompanied by a large business delegation, and it was expected that 14 bilateral agreements would be signed over the course of the three-day visit. The energy sector, in particular, has been a focus for the government, with Energy Secretary Raphael Lotilla stating that the government is working towards addressing issues facing the national power grid.
The state visit and subsequent investment pledges highlight the strong business ties between the two countries and the potential for further collaboration in the renewable energy sector. With increasing global pressure to transition away from fossil fuels and towards cleaner energy sources, renewable energy projects are expected to play a key role in meeting this demand.
China has historically been a major player in the global renewable energy market, with the country ranking first in the world in terms of installed renewable energy capacity.
PBBM’s state visit to China yields $22.8B of investment pledges
Source: Pinoy News Udpates PH
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