Energy Secretary Alfonso G. Cusi graces the 5th FINEX General Membership Meeting for 2021 via Zoom yesterday (19 May).

In his presentation, Secretary Cusi shared a glimpse of the country’s energy profile, power sources, current power situation, and the energy sector’s response to the challenges brought about by the COVID-19 pandemic. 

TAGUIG CITY - Energy Secretary Alfonso G. Cusi yesterday (19 May) called on both the public and the private sectors to work closely together and make the Philippines a haven for investments, particularly in Renewable Energy (RE) and Energy Security.

Speaking at the virtual 5th Financial Executives Institute of the Philippines (FINEX) General Membership Meeting for 2021, the energy chief highlighted the country’s energy profile and the strategies that the DOE is doing in the attainment of its energy goals.

“The government can introduce policies and laws to make the country a haven for investments and even out the playing field for stakeholders. Most of all, we need to ensure that the sector is equitable for both businesses and our consumers. Ultimately, however, we can only achieve our aspirations if the titans of the industry—both local and foreign—will stand with us side by side,” Secretary Cusi said.

The DOE chief said the government will continue to craft proactive policies to help the Philippines attain energy security, equity, and sustainability.

“Way before this pandemic even came into play, the Philippines has always been aspiring for power supply sufficiency as a pre-requisite for an effective competitive spot market, and for bridging the logistics requirements of the country’s archipelagic layout,” he noted.

Secretary Cusi, however, stressed that energizing and connecting off-grid, unserved and underserved areas have proved to be challenging, now that the nation still continues to battle against the COVID-19 pandemic. 

“As we are seeking to rebuild back better into the New Normal, our desire to attain power sufficiency should all the more be intensified. Amid the challenges to hurdle, there are also many opportunities that could be explored,” he added. 

Given the challenges caused by the adverse impact of this health and economic crises, the DOE’s policies and programs, including the updated Philippine Energy Plan 2018-2040, have been at the forefront of its initiatives to ensure sufficient, stable and accessible energy services. 

The DOE chief also underscored the crafting of proactive policies as sustainable growth strategies that the business community may take into consideration: (a) Executive Order No. 116 (EO 116) which created the Nuclear Energy Program Inter-Agency Committee (NEP-IAC) to study the adaptation of a national position on a Nuclear Energy Program; (b) Republic Act No. 11285, particularly in transforming EE&C as a national way of life; (c) Moratorium on Endorsement of New Greenfield Coal-fired Power Plants in improving the Sustainability of the Philippines' Electric Power Industry; (d) Department Circular (DC) No. 2018-01-0001 as a guide for energy stakeholders in making the sector resilient to disasters; (e) Renewable Energy (RE) Act of 2008 which promotes the development of the country’s renewable resources; and the (f) 3rd Open and Competitive Selection Process (OCSP3) which allows 100% foreign participation in large-scale geothermal exploration, development, and utilization projects.

To realize the success of these policies, Secretary Cusi also called for the support of the titans in the industry to take advantage of the government’s existing policies and consider the Philippines as their gateway to the Asia-Pacific region.

Also present in the virtual event are FINEX President Francis ED. Lim, Energy Development Corporation President Richard Tantoco, FINEX board of directors and Executives of Financial Institutions. 

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