The Philippines becomes a new major player in the renewable energy industry
In the last four years, The Philippines has produced roughly 3 million jobs for engineers and construction workers all over the country, thanks to its evolving renewable energy industry. The Philippines, until now, has been heavily reliant on fossil fuels. But now the country can announce that it meets more than a third of its energy requirements through renewable sources.
This substantial growth has caught the attention of various major investors including Equis, commissioner of Southeast Asia’s largest solar farm.
David Russell, chief executive officer of Equis has said, “In the Philippines we’ve seen over last couple of years, over 1100 megawatts of renewable energy, just in the wind and solar space installed. That’s about two billion dollars just flying into what was an industry that didn’t exist till three years ago.”
"What we're seeing going forward is, over the next ten years, and expectation that that market will grow by about 20 times," he adds.
Despite The Philippines new-found growth in the renewable sector, it certainly hasn’t been an easy ride – Especially not for Juan Miguel Zubiri, a Philippine senator and main author of the Renewable Energy Act of 2008. The Bureau of Internal Revenue was insistent on down-playing and criticizing the act once it was official and continuously picked at its generous incentives.
This was absolutely a case of ‘Who’s laughing now?’ as today, there is now a total of 406 renewable projects that are either in the construction phase or fully operational in the Philippines area.
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