A European firm in the field of renewable energy and infrastructure pledged to invest in the Philippines as President Ferdinand “Bongbong” Marcos Jr. met business leaders from the West at the sidelines of his participation in the ASEAN-EU Summit in Belgium.
Their pledge came as the country lifted the 40 percent equity cap for foreign firms in renewable energy projects, particularly those for the solar and offshore wind sectors. The European firm assured the President that it will build a “smart infrastructure that is sustainable, mitigating, adapting, resilient and transformative.”
“There is this move to renewables, so we have to adjust… we’ll have to increase our capacity for production,” said Marcos, whose agenda included push for renewable energy.