PHL-BOI, New Zealand Explore Geothermal Energy Collaboration

The Board of Investments (BOI) is strengthening its push for renewable energy investments in the Philippines, particularly in geothermal energy, through discussions with a high-level delegation from New Zealand.

On September 23, 2024, BOI officials, led by Executive Director for Investments Promotion Services Evariste Cagatan, welcomed the 16-member delegation at the BOI Main Office in Makati City.

The meeting focused on exploring geothermal energy opportunities and deepening economic ties between the Philippines and New Zealand, both committed to sustainable development.

Cagatan emphasized the Philippines’ appeal to international investors, stating, “Improvements in our business environment have helped increase investor interest, but fundamentally, we credit it to the inherent strength and competitive advantage of the Philippines – our PEOPLE.”

Renewable energy projects accounted for 96% of BOI’s investment approvals, reinforcing the country’s commitment to sustainable development.

BOI Director for International Investments Promotions Lanie Dormiendo highlighted the country’s goal to increase the share of renewable energy in its energy mix to 35% by 2030 and 50% by 2040 under the National Renewable Energy Program (NREP).

“The Philippines is positioning itself as a regional hub for globally competitive, innovative, and sustainability-driven industries,” Dormiendo said.

National Economic and Development Authority (NEDA) OIC-Director Desiree Joy Narvaez noted that the Philippine economy grew by 6% in the first half of 2024, driven by government expenditure, public construction, and manufacturing.

Narvaez added that the Philippines is on track to meet its 6-7% growth target for 2024, with renewable energy investments expected to play a significant role in future economic growth.

The meeting marks a significant step in advancing geothermal energy cooperation between the Philippines and New Zealand, aligning with both countries’ sustainability goals.