Demand on Davao Region Surging Energy Drives Investment Opportunities
As the Philippines makes efforts to transition to lower carbon emissions and more renewable energy sources, Mindanao, with the Davao Region leading the way, is set to become the country's energy center. This was the conclusion reached at a recent webinar, "Mindanao as the Energy Hub in the Country," which was organized by the Davao Investment Conference (Davao ICon 2021) as part of its year-long Innovation Series.
John Carlo Tria, President of Mapalad Energy Generating Corporation, hosted the webinar. The focus of the panel discussion was on Mindanao's potential as an energy center capable of supplying the whole Philippines. Investments in the Davao Region, he said, have gotten more robust and varied over time. Agribusiness, manufacturing, tourism, real estate, and other industries have all garnered a lot of attention. This has aided the region's continuous GRDP development during the previous 10 years.
For the Philippines, Mindanao is a major source of renewable and sustainable energy. The huge resources accessible in Mindanao, according to Anton Perdices, Chief Operating Officer of Distribution Utilities at Aboitiz Power, position it to become a major source of electricity. Dr. Maria Lourdes G. Monteverde, President of the Davao City Chamber of Commerce and Industry, explained how the Davao Investment Conference, scheduled for November this year, might help accomplish this objective. Real estate, manufacturing, agriculture, and tourism will be the emphasis of the conference.
The necessity of evaluating the intermittent quality of renewable power sources, according to Rolando "Don" Joson Paulino Jr., President of the Philippine Energy Independence Council (PEIC). He stated that we must be prepared with power plants that can step in if renewable energy sources are unavailable.
The CEO of AC Energy Corporation discussed Mindanao's potential as a net energy exporter through the construction of a more interconnected grid, particularly as the Green Energy Option rolls out in Luzon and Visayas. "Once you release that potential through the spot market and retail competition, a lot more renewable options will spring up," he added.
The Philippines has made a voluntary commitment to reduce greenhouse gas emissions by 75% by 2030. To achieve the country's promise to combat climate change, a rapid shift to renewable energy is required. Dr. Antonio Gabriel La Via, Director of the Manila Observatory's Energy Collaboratory, discusses why this is critical.
The need to change from just diversifying energy sources to prioritizing the objective of a 50 percent renewable energy mix by 2030 was highlighted by Asec. Romeo Montenegro, Deputy Executive Director of the Mindanao Development Authority. Policy drives the transition to renewable energy, says Montenegro.
The potential of natural gas deposits in Mindanao was discussed by Jaime Bacud, Vice President for Upstream Operations of Philippine National Oil Company Exploration Corporation. He added that the Philippines has a lot of undiscovered resources. Including indigenous energy sources in our energy strategy is a critical step toward achieving energy independence.
The need for investments in the Davao region was recognized by Engr. Rodger S. Velasco, President & Chief Operating Officer of Davao Light & Power Company. He views manufacturing as a viable investment in Davao and in terms of energy, Davao is proving to be a very attractive place to invest.
The building of new energy infrastructure, according to Davao ICon 2021 Co-Chairperson Nicole Bian-Ledesma, would undoubtedly open doors to a plethora of businesses and investment prospects. The next Davao Investment Conference will focus on tourism, real estate, agribusiness, and manufacturing.
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