New Zealand investors expressed strong interest in the Philippine geothermal energy sector during a recent business delegation visit organized by the Board of Investments (BOI).
BOI officials said the delegation showed heightened interest in the Philippines’ robust economic growth and the government’s active promotion of renewable energy development.
“Renewable energy projects continue to dominate our investment approvals with a 96-percent share, underscoring our commitment to sustainable development,” said BOI executive director for investments promotion services Evariste Cagatan.
She highlighted the country’s attractive investment climate, skilled workforce and abundant natural resources as key factors driving investor confidence.
The delegation, consisting of key players in the renewable energy and IT-BPM sectors, reflects the growing economic ties between the Philippines and New Zealand.
The Philippines aims to increase the share of renewable energy in its total energy mix to 35 percent by 2030 and 50 percent by 2040, with geothermal energy playing a crucial role in achieving these targets.
“The Philippines is positioning itself as a regional hub for globally competitive, innovative and sustainability-driven industries,” said BOI director for international investments promotions Lanie Dormiendo.
“With our strategic location, abundant natural resources, and skilled workforce, we are well-placed to be the location of choice for renewable energy development,” she said.
The BOI attributed the positive development to strong economic performance, with the Philippine economy growing by 6 percent in the first half of 2024, on increased government spending, public construction and a resurgence in manufacturing.
