[ad_1]
MANILA, Oct. 27 (Xinhua) – The Philippines allows 100 percent foreign ownership in large-scale geothermal exploration, development and utilization projects, Philippine Energy Secretary Alfonso Cusi said on Tuesday.
Large-scale geothermal projects are those with an initial investment cost of around US $ 50 million capitalized through Financial and Technical Assistance Agreements (FTAA), the Department of Energy (DOE) said in a statement.
The DOE said that FTAAs can be concluded between foreign contractors and the Philippine government for the exploration, development and large-scale utilization of natural resources, and will be signed by the president.
Cusi announced the decision to grant 100 percent foreign ownership in large-scale geothermal projects in a speech recorded during the Second Global Ministerial Conference on Renewable Systems Integration on Tuesday, which was part of Singapore International Energy Week. 2020.
In the same speech, he also said that the Philippines has declared a moratorium on endorsements for brand-new coal power plants.
The DOE said the moratorium on support for brand-new coal-fired power plants and the opening of the country’s geothermal sector to increased foreign investment to further improve the outlook for the country’s renewable energy landscape are among the innovative policies that will implement the DOE.
Cusi reiterated his commitment to promoting renewable energy and expressed his hope that renewable energy will eventually figure prominently in the energy future of the Philippines.
“We are also promoting the transition from the use of technology based on fossil fuels to cleaner energy sources to ensure more sustainable growth for the country,” he said.
The Philippines is one of the world’s leading producers of geothermal energy, as it is located along the “Ring of Fire” area of the Pacific volcanoes. Final product
