Supply woes

As the fastest-growing economy in Southeast Asia, the Philippines’ energy demand will increase rapidly over the next 25 years.

- MARY ANN LL. REYES

Meanwhile, the Organization for Economic Cooperation and Development (OECD) estimates that delivering a clean energy transition that supports prosperity and economic growth will require a cumulative investment of over $300 billion between 2024 and 2040.

This is according to a report by the Indo-Pacific Partnership for Prosperity, which was launched in March to increase growth, resilience, and opportunity throughout the Indo-Pacific region by mobilizing private and non-profit sector investment and expertise.

IP3 executive director David Talbot emphasized that the Indo-Pacific is the world's most dynamic and fastest-growing region and what happens over the next 10 years will shape the region's trajectory for decades to come.

He revealed that just recently, leadership from IP3's Coalition for Emerging Market Infrastructure Investment met with Secretary Frederick Go, Special Assistant to the President for Investment and Economic Affairs, to launch the coalition's inaugural country platform dedicated to catalyzing infrastructure investment in the Philippines.

According to Go, they are delighted that the coalition has chosen the Philippines as its first focus country, adding that this decision affirms President Marcos' administration's actions of creating a regulatory environment that is conducive to attracting investments.

He added that the Philippine government is looking forward to working with private sector leaders to carry out its ambitious infrastructure development goals.

In the launch meeting, the coalition and the Philippine government agreed to establish an ambitious roadmap to enable support for investment needs into infrastructure across the country.

The country's business and economic future depends to a large extent on the availability of affordable and reliable energy.