Mindanao is now poised to become the energy hub in PH, opening up investment opportunities in Davao Region as it spearheads the way.
Investment Opportunities in Davao Region
The country is taking strides to transition to less carbon emissions and more renewable sources of energy in its power supply grid. And Mindanao has been discussed as a potential hub that can supply the energy needs of the entire Philippines. This was the conclusion in the webinar held just recently called “Mindanao as the Energy Hub in the Country, Davao Region as the Corridor”.
The webinar was organized by the Davao Investment Conference (Davao Icon 2021) as part of its year-ling Innovation Series. It was hosted and moderated by John Carlo Tria, President of Mapalad Energy Generating Corporation and Vice President for Trade and Commerce. It was also attended by a collection of leaders and experts from the energy and environment sectors.
The Surging Energy Demand in the Philippines
Mindanao’s vast resources was highlighted, priming it to become the key source of renewable and sustainable energy for the country. This led to more investment opportunities in Davao Region. It was also indicated how the Davao Investment Conference slated for November this year can realize this vision.
“Investments in the Davao Region have become so robust and diverse over the years. Sectors from agri-business, manufacturing, tourism, real estate, and more have received much attention from both Filipino and foreign investors. This has helped the region post consistently strong GRDP growth for the last decade.”Said Davao ICon 2021 Chairperson Ricardo Lagdameo.
“All the resources in the region combined together really does give the advantage to Mindanao, to be able to lead the forefront for investments, and the power will follow with that. We have plenty of supply currently in Mindanao to support the growth in the industries.”Says Anton Perdices, Chief Operating Officer of Distribution Utilities at Aboitiz Power.
President of the Philippines Energy Independence Council (PEIC), Ronaldo “Don” Joson Paulino Jr., explained the importance of considering the intermittent quality of renewable power sources. This was in response to a question about the shifting of the Philippine energy mix to one that is more sustainable.
“We need to transition in a more evolutionary way. If we want to really go for a renewable business in the future, we also need to be ready with powerplants that can come in whenever these renewable sources are not available.”Paulino said.
“Once you unlock that potential through the spot market, retail competition, and open access, then it will spur a lot of renewable opportunities.”John Eric Francia, President and CEO of AC Energy Corporation, shared.
“The Philippines has voluntarily committed to a 75% reduction of greenhouse gas emissions by 2030, meaning we can no longer increase emissions by 2030. We need to have a very fast transition.”Explained Dr. Antonio Gabriel La Viña, Energy Collaboratory Director of the Manila Observatory.
“Transition to renewable energy is policy-driven. We are encouraged to see the mix of resource persons today representing the diverse sectors that provide the complete picture of where this messaging should move forward, in terms of understanding the challenges of looking at eventually the transition of Mindanao’s energy mix to renewable energy.”Says ASec. Romeo Montenegro, Deputy Executive Director of the Mindanao Development Authority.
“We have plenty of untapped resources in the Philippines, with 3 sedimentary basins in Mindanao: one in Agusan, one in Cotabato, and one in the Sulu Sea. It could be where we can find the next Malampaya. This can be our way forward to energy independence and using indigenous energy sources as part of our energy plan.”Shared Jaime Bacud, Vice President for Upstream Operations of Philippine National Oil Company Exploration Corporation.
“I see the potential in investing in Davao for manufacturing,” he said. “We have a number of huge energy-intensive customers looking to invest and build plants in the region. Davao is proving to be a very good area to invest in for energy.”Said Engr. Rodger S. Velasco, President & Chief Operating Officer of Davao Light & Power Company.
More Innovation Series Webinars
Davao Co-Chairperson Nicole Bian-Ledesma closed the webinar with a reminder of the upcoming conference.
“The construction of new energy infrastructure will definitely open doors to a wealth of industries and investment opportunities, particularly in tourism, real estate, agribusiness, and manufacturing, which are the focused areas of this year’s upcoming Davao Investment Conference on November 11 and 12 as organized by the Davao City Chamber of Commerce and Industry.”She said.
The Innovation Series continues with two more webinars which tackles the Mindanao market and the future of logistics. To stay updated and find out how you can join these upcoming events, you can follow the Davao ICon Facebook page.