DOE attracts over P4-T approved investments

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00:00With the government making a strong push to establish or build more energy sources, the

00:05news of over 4 trillion pesos approved investments which the Department of Energy or DOE managed

00:10to attract is certainly very welcoming development and will definitely help in achieving such

00:15goal.

00:16Bel Custodio tells us more.

00:20The Department of Energy attracted more than 4 trillion approved investments.

00:25We welcome the good news that the Philippines attracted more than 4 trillion pesos in approved

00:31investments in the energy sector, particularly in the renewable energy space, and that the

00:37Philippines ranks number two in Bloomberg's ranking of the most attractive emerging markets

00:43for RE investment.

00:45The Energy Department targets to utilize the approved investment for their projects.

00:50We remain focused under the leadership of President Ferdinand Marcos Jr. on ensuring

00:58energy security not only during this administration but beyond this administration, and that's

01:05why we have the options for pump storage, hydro, offshore wind, and we have moved forward

01:16as well on, again, thanks to Congress on the regulatory framework for nuclear energy.

01:29The 2024 Philippine bid round resulted in the endorsement of the President for the award

01:34of two native hydrogen petroleum service contracts.

01:37Furthermore, two liquefied natural gas facilities have been completed.

01:41They are capable of receiving terminal and storage facilities and fueling up to 8,000

01:45megawatts.

01:46The DOE targets to accomplish the Malapaya Phase 4 and Bagong Pag-asa well, which may

01:51deliver its first gas loads next year.

01:53The energy sector also plans to rehabilitate the Agus plants in Mindanao.

01:57The rehabilitation of the plants in Mindanao, of these hydro plants, will restore 400 megawatts

02:09to its original capacity that we have lost because these plants are already old.

02:18Meanwhile, the DOE assures that there will be no major power interruptions in summer,

02:23which is also the month of national and local elections.

02:26No yellow alert is initially projected from March to June.

02:30Vel Custodio, from the National TV Network, for a new and better Philippines.

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