Some 1.5 million new jobs were estimated to have been created as a result of adjustments allowing full foreign ownership of enterprises in the renewable energy sector using 2022 data, Department of Energy (DOE) officials told legislators inquiring into the wisdom of relaxing the economic provisions in the Constitution on Thursday.
The number, Energy undersecretary Sharon Garin said, was based on estimates where 10 new jobs are directly created and 30 more indirectly generated for each megawatt of renewable energy investment the foreign proponents bring into the country.
Garin bared these numbers on the third day of hearing Resolution No. 7 at the House of Representatives Wednesday, noting 357,459 individuals were employed in the renewable energy sector in 2022.
The DOE official said this does not include additional jobs created when ports are constructed to accommodate the shipment of critical resources in the manufacture of steel alloys used in space vehicles, nuclear reactors, aircraft, transmission lines and various other applications.
“Other than investments in the development of renewable energy, other components that will come in because of the trillions worth of investment from foreign investors include port development. We need at least 10 new ports in order to cater to offshore wind projects,” Garin said.
She also said various foreign manufacturing firms are exploring for opportunities in the Philippines, seeking sites for the manufacture of turbines and semiconductor controllers with the goal of locally producing all components, including plates, turbines and towers.
Because the DOE favored 100 percent foreign ownership of renewable energy projects, the government witnessed a surge in investment applications, including proposals for offshore wind and floating solar energy systems.
She said of the 400 renewable energy project proposals, the government approved 275 service contracts for the generation of 39,000 gigawatts of power from projects worth P8 trillion.
In 2023, the Board of Investments (BOI) approved 52 power projects totaling 4.7 GW in capacity and nearly P1 trillion in aggregate project cost.
Garin also said 80 percent of the P1.3 trillion foreign investments reported by the Board of Investments in 2023 were energy projects.
Garin also said the Philippines is ranked fourth most attractive country by green energy investors among 110 countries listed. Easing the economic provisions of the Constitution could boost the country’s standing.
