Four Korean firms to invest $4.4bn in the Philippines energy sector
The Department of Energy (DoE) has estimated at around $4.4 billion the proposed investments of four South Korean companies covering energy projects in the Philippines.
The companies SK Engineering & Construction, Sy Enc, BKS Energy Industry and SK E&S formally submitted their letters of intent (LoIs) during the Philippines-Korea Business Forum.
Philippines Department of Energy secretary Alfonso Cusi said: “We welcome these investments, especially as we anticipate the growth of our economy and expected demand due to the government’s Build Build Build Program.”
Mr. Cusi, who has said he had received letters of intent from the foreigners, came from an official visit to South Korea led by the President.
“We are expecting more Korean firms to express their interest in investing in Philippine energy projects. We are hoping that this will result in a more robust energy sector for the country, help our job generation efforts and boost our economy,” Mr. Cusi said.
Renewable energy firm Sy Enc expressed interest to build a wind power generation project. The company intends to expand its operations in the country by investing over $255m. This initiative is projected to generate 10,000 jobs.
Additionally, BKS Energy Industry submitted a proposal to invest $500m for solar power generation in the Philippines, which is expected to generate around 1,000 jobs a year in the country.
Its proposed power plant project in Quezon is expected to generate at least 3,000 jobs yearly during the construction period. During the operational period, it can create 600 jobs.
The second-biggest investment proposal came from SK E&S at $1.6 billion. The company is engaged in power generation, district energy, and city gas in and outside South Korea. It submitted a proposal for a liquefied natural gas (LNG) terminal, which is projected to create 2,200 jobs during the construction period.
Cusi further added: “We are expecting more Korean firms to express their interest in investing in Philippine energy projects. We are hoping that this will result in a more robust energy sector for the country, help our job generation efforts and boost our economy.”