MANILA, Philippines — Some 50,000 “good-paying” jobs may be available if the Philippines successfully develops its renewable energy sector, but this may require allowing foreign companies to own a majority of the stake.
In his meeting with President-elect Ferdinand “Bongbong” Marcos Jr., Norway Ambassador to the Philippines Bjorn Jahnsen cited a World Bank study as he talked about the opportunities for developing the renewable energy sector in the Philippines.
If the Philippines successfully develops the sector, Jahnsen, still citing the World Bank study, said some 50,000 “good-paying” jobs may be created in the country.
Groundbreaking ceremony of a 20 megawatt battery energy storage system of SN Aboitiz Power Group at the Magat dam in the PH, witnessed by Energy Secretary Alfonso Cusi and Norway Amb. Bjorn Jahnsen. Image from Twitter / Amb. Jahnsen
However, the diplomat said this may need an adjustment in the country’s current policies.
“The World Bank talks about up to 50,000 jobs, good-paying jobs for Filipinos if you are successful in developing this new sector,” Jahnsen said in a press briefing following his courtesy call on Marcos.
“That requires some adjustments and policies on the Filipino side. For instance, foreign companies should be able to own a majority of the equity in these types of investments as they often are investments with several billions of dollars and foreign investors would like to have a certainty of having a majority stake in their investment,” he added.
According to Jahnsen, renewable energy sources such as offshore wind “is a great opportunity for the Philippines for a plentiful supply of energy.”
“As you know, the country is growing in economy, and energy consumption is increasing so offshore wind is really one of your best bets for the future,” Jahnsen said.
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