Philippines expected to receive 5 renewable energy investment projects

According to the The Manila Times on May 29, the Philippine Investment Commission (BoI) predicted that at least five foreign renewable energy investment projects will be launched this year. Deputy Minister of Trade and Industry Rudolf stated that the Philippine government will continue to seek foreign partners to promote digital and sustainable economic development, and achieve the approved investment target of 1.5 trillion pesos this year. BoI expects approved investments to reach 500 billion pesos by the middle of this year. From January to March 2023, the Philippines approved foreign investment of 165.4 billion pesos, mainly from Germany (158 billion), the Netherlands (2.7 billion), the United States (1.2 billion), Japan (524 million), and the United Kingdom (293 million), mainly focused on renewable energy, manufacturing, management services, transportation and warehousing, and agriculture.