Finance Secretary Carlos Dominguez III told journalists Tuesday, October 8, that potential investments from the recent foreign trip of the Chief Executive “is quite significant”, although he declined to indicate figures.
“You have to remember that we don’t have a big relationship with Russia and I think that the trip of the President opened the avenues for increased contact with Russians like tourism investments here. They’re very interested in looking at our infrastructure projects, particularly in power,” he said.
Possible power sector investments are a plus for the Philippines especially after the President, in his fourth State of the Nation Address (SONA) last July, pushed for the fast-tracking of RE resources in a bid to lessen the country’s dependence on traditional sources like coal.
The Department of Energy targets to increase the of RE on total power source to about 35 percent by 2030.