Former Sen. Ferdinand Marcos Jr. (Photo from Lakas-CMD)
MANILA, Philippines — The Philippines has the potential to be a “major wind power producer” in the world, which the country has to realize, presidential candidate Ferdinand “Bongbong” Marcos Jr. said Wednesday.
Marcos said if he is elected, he will push for regulatory and policy reforms to enable the country to realize its potential as a major offshore wind power producer globally.
“We have the potential to be a major wind power producer in the world. Our unique topography is very suitable for building offshore wind farms and we should take advantage of it to produce cheap electricity,” Marcos said in a statement.
“We need to be competitive in a post-pandemic global economy and having low electricity rates is crucial in drawing in more foreign direct investments as we pursue aggressive growth targets,” he added.
According to Marcos, wind power and other renewable energy sources could help bring down electricity costs in the country. Citing 2019 data, Marcos said the Philippines has the third most expensive power rates in Asia, just behind Japan and Singapore.
The presidential candidate expressed hopes that the offshore wind power roadmap being developed by the Department of Energy (DoE) and the World Bank Group will be completed soon.
“It would be good to have the roadmap completed at the soonest possible time since it will provide us with the policy framework to fast-track the deployment of wind farms in the country,” Marcos said.
Citing the World Bank Group, Marcos said the Philippines has approximately 170 gigawatts (GW) of untapped offshore wind potential.
“Low electricity rates and a steady supply of it are important considerations for would-be investors. As such, we are pushing for the wider use of renewable energy sources as we veer away from our reliance on imported oil,” Marcos said.
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