During the event, President Bongbong Marcos noted that any form of industrialization requires increasing the availability of power and addressing the cost and the efficiency in its distribution.BANDAR SERI BEGAWAN – Admitting that power cost is a problem of prospective investors in the Philippines, President Marcos assured energy business leaders here that efforts are underway to address the issue and urged them to invest in the country’s renewable energy sector.
“And there are many aspects to that problem. Our transmission system, which has fallen behind in terms of development, and in terms of even their contractual obligations to the government in terms of building additional transmission lines. But we are working very hard on that,” the President was quoted by a Palace statement as saying.
“We now add to this the transformation of fossil fuels to renewables, which is, I think, something that everyone is having to deal with,” Marcos said. “I’m sure everyone is aware, the Philippines is now trying to transform our whole energy from the production side to the transmission side, to the distribution side.”
“We see incredible potential in sectors such as agribusiness, renewable energy, Halal ,” the President said.