Category: Business Mirror

Energy Development Corp. (EDC) is pulling the plug on its geothermal power project-Upper Mahiao Power Plant (UMPP)-in Leyte as it has reached its maximum economic life.

‘The Company submitted to the Department of Energy its letter of intent to decommission in phases its Upper Mahiao Power Plant located in the municipality of Kananga, Leyte,’ it said.

EDC Vice President Ryan Velasco said UMPP, which has an installed capacity of 129 megawatts (MW), has key components that typically have an economic life of around 15 to 20 years.

Aside from reaching its maximum economic life, the electricity generated from UMPP is no longer technically viable.

Velasco said the decommissioning will be implemented in phases, with the first two of the four units, targeted by 2026, and the rest by 2029.

‘We will also be conducting site feasibility studies and look at various options including the potential repurposing or redevelopment of the area,’ said the EDC official on Tuesday.

EDC has an installed capacity of 1,418.69 megawatts (MW), which accounts for 17 percent of the country’s total installed renewable energy capacity.

Its geothermal facilities are the 190-MW Bacon-Manito (BacMan) geothermal complex which consists of BacMan 1 and 1, Palayan binary, and Tanawon; 620-MW Unified Leyte which include the Malitbog, Mahanagdong 1, Mahanagdong 2, Upper Mahiao, and optimization plants; 123-MW Tongonan; 49.4-MW Nasulo; 172.5-MW Palinpinon 1 and 2, which comprise of Palinpinon, Sogongon, Nasuji; and 106.99-MW Mindanao 1,2,3, which include Mt Apo 1,2, and binary plant.

Aside from geothermal, EDC also runs the 150-MW Burgos wind power plant, and 6.8-MW Burgos 1 and 2 solar plants.

The 29-MW Palayan Binary Geothermal Power Plant, inaugurated on July 5, 2024, and the recently switched on 22-MW Tanawon Geothermal Power Plant in Sorsogon are two of EDC’s seven growth projects that are already up and running.

There are four more are lined up for commissioning this year. These are the 28-MW Mahanagdong Binary Geothermal Power Plant in Leyte and three Battery Energy Storage Systems Projects totaling 40 MWh, which comprise the 20-MW BESS in BacMan, 10-MW in Leyte, and 10-MW in Negros Oriental.

The last growth project in the list is the 5.6-MW Bago Binary Geothermal Power Plant in Negros Occidental by 2026.

The construction sector is a vital cog in the Philippine economy, contributing approximately seven percent of the country’s gross domestic product (GDP) in 2024.

Backed by the national government’s infrastructure program, the sector attracted about P1.5 billion pesos in foreign investments and generated employment opportunities for thousands of Filipinos, according to Statista.

As of the first quarter of 2025, the Department of Economy, Planning, and Development (DepDev) reported that 35 percent of the 207 projects identified are ongoing, with less than five percent completed.

REPLACEMENT of Permanent Weak Bridges, Kibaluyot Br. (B01345MN) along Butuan City-Cagayan de Oro City-Iligan City Rd (Phase III).

‘Outstanding’ contractors ratings

The recent awarding of the country’s ‘outstanding’ contractors for the first half of 2025 by the Philippine Development Construction Board (PDCB) is a breath of fresh air to the industry rocked by the floodgate scandal.

Moreover, the ‘Outstanding’ ratings acts as a stark contrast to the substandard work alleged in the floodgate scandal. Further, they highlight the firms that adhered to high standards, providing a benchmark for quality and probity in government projects.

The contractors for the first half of 2025 who got the ‘Outstanding’ mark are Beatus Builders Corp., 1199S Construction, 722 Construction Inc., Aremar Construction Corp., Alphatec Chemical Corp., Bedsbro Construction and General Merchandise, Bilrey Construction, Bomel Construction, and Bicol Goldrock Construction Corp.

Staying consistent and maintaining integrity

For the past 36 years, Butuan-based Equi-Parco Construction Company remains one of the reliable and dependable contractors in the country.

For nearly four decades, it has built roads, bridges, and infrastructure that connect people, and communities.

‘Our goal of establishing Equi-Parco’s presence in every corner is anchored on our commitment to deliver the best quality infrastructure projects not only here in Butuan city, not only in the Caraga region, but all over the country where we will be given the opportunity to do infrastructure projects,’ the company said in a statement.

As of today, Equi-Parco Construction Company has established its presence strategically located mostly in Visayas and Mindanao. It was also able to acquire projects from a few years ago in Palawan and currently it has an ongoing infrastructure project in Cavite. It allows the company to efficiently mobilize their resources and respond to the infrastructure needs.

Equi-Parco Construction Company (EPCC) has garnered several recognitions and certifications in the construction industry, particularly in the Philippines.

Key achievements and credentials include:

PCAB ‘AAAA’ License: EPCC holds an ‘AAAA’ license from the Philippine Contractors Accreditation Board (PCAB), which is the highest category for general engineering and general building contractors.

ISO Certification: The company’s management system is certified to ISO 9001:2015 for the ‘Provision of Construction of Bridges, Roads, and Utility Projects.’ Other sources also mention certification to ISO 14001:2015 and ISO 45001:2018.

Safety Performance Recognition and Awards: General sources indicate the company has received safety performance recognition and awards.

Top Contractor Status (Historically): Reports have noted Equi-Parco’s consistent position as one of the top contractors in terms of civil-works contracts secured from the Department of Public Works and Highways (DPWH) over a long period, spanning different administrations.

‘The recent flood control issue has placed greater public attention on transparency and accountability in government projects, which we fully support. For private contractors like us, all the more we give importance to strictly comply with the technical standard requirements, safety and environmental regulations, as well as to uphold the best quality work output we could give,’ it said.

‘While it has brought our company to public scrutiny, we were being highlighted, doubted with how we were able to do business with DPWH, but that does not deter us. Because we believe that what we are doing is the best quality standards in all our projects,’ the company added.

As far as handling transparency in dealings with the Department of Public Works and Highways (DPWH), the company follows the proper processes from the beginning and maintains full transparency in all our dealings with DPWH. ‘This includes clear documentation, regular audits, and open communication at every step.’

Further, the company does not adhere to the good enough mentality (pwede na mentality) as it believes in always pushing for the best in everything that they do. Equi Parco also maintains their quality by staying committed to high standards, being detail-oriented, and continuously improving our methods.

‘We handle all our transactions with complete transparency, ensuring that everything is above board. This way, we build trust with everyone involved and keep things fair and accountable.’

THERE are many things happening locally and globally and we need to focus on the opportunities amid the challenges we face.

In a world where economies are more connected than ever, Filipino investors must ask an important question: should they stick with local investments or look toward global markets? The answer is both. By diversifying between fixed income and equities in both global and local markets, investors can balance risk, capture growth, and build lasting wealth.

The Philippine market has much potential but represents only a small part of the global economy. Focusing solely on local investments means missing out on growth drivers elsewhere. Global equities open opportunities to innovation hubs such as the US for technology and healthcare, Europe for sustainability and infrastructure, and Emerging Asia for consumer growth.

Global fixed income markets offer chances to invest in bonds backed by strong credit-rated governments and companies. These investments can provide stability and income, especially when paired with the higher yields often available locally.

In simple terms, global diversification broadens perspectives and reduces the risks of being overly exposed to domestic issues like political changes, currency fluctuations, or natural disasters that may affect local markets.

At the same time, we must acknowledge the Philippine growth story. With its young workforce, strong consumer demand, and ongoing infrastructure investments, local equities are still appealing. Peso-denominated government securities and corporate bonds also offer steady income and competitive yields compared to markets in developed countries.

Thus, the best approach is not to abandon the local market but to complement it with international investments. This strategy allows investors to benefit from both the strength of global leaders and the long-term potential of the Philippine economy.

Of course, diversification does not mean losing discipline. Effective risk management is crucial. Here are some strategies to consider:

Asset allocation discipline. Start with a clear plan: decide how much to invest in equities, how much in fixed income, and the split between local and global markets. This should consider both risk tolerance and long-term objectives.

Currency awareness. Investing globally brings foreign exchange risks. Choosing funds that hedge currencies or diversify across different regions can help reduce volatility.

Rebalancing. As markets change, portfolio allocations can shift. Regularly rebalancing keeps investments aligned with initial targets. For example, if you have short term goals that you need to consider, then a portion of your portfolio can be allocated in low risk, low return type of investment like money market funds. This are designed as a parking facility if your intended objective is that you will use a particular fund within the next 12 months.

Diversification within diversification. Don’t just invest in one global fund or one local stock. Spread investments across sectors, regions, and maturities. This strategy can help you capitalize opportunities on certain market while also minimizing risks if in case there will be certain risk concentration in a certain geographical location. Currently, we have seen that there’s broadening out of the US considering the volatility due to tariffs. Having exposure in emerging markets and other developed economies can help you in maximizing the opportunities let’s say for example in Europe and Asia.

Building wealth isn’t about chasing trends or predicting the next big market wave. It’s about consistency and discipline. Three timeless principles stand out:

Stay invested. Markets will always go through cycles, but investors who stay invested through ups and downs generally come out on top.

Harness compounding. Reinvesting interest and dividends is a simple yet effective way to boost growth. Identifying dividend paying funds can help you in gaining cash flow on top of the capital appreciation of your investments. If a certain fun can pay out around 3 to 6% annually, this can be an alternative source of passive income while also capitalizing a certain percentage of your portfolio in compounding.

Invest with purpose. A diversified portfolio should reflect personal goals-whether for retirement, education funding, or legacy planning.

Global diversification is now essential, not a luxury. Filipino investors can maximize opportunities by combining the scope of international markets with the depth of local growth. The right mix of global and domestic fixed income and equities, along with effective risk management, builds a strong portfolio. More importantly, it lays the groundwork for lasting wealth that can endure market cycles and benefit future generations.

As you go through you wealth building, always bear in mind that it takes discipline and consistency even when times are tough. Always bear in mind that there will be volatility while our goal is to also maximize the opportunities. Set parameters and timeline so that our investments will have a particular purpose and we can press on towards our goal.

Karlo Biglang-awa is a Registered Financial Planner of RFP Philippines. The views and opinions he expressed herein are those of the author and do not necessarily represent those of the BusinessMirror’s. To learn more about personal financial planning, attend the 113th RFP program this October 2025. E-mail info@rfp.ph or visit rfp.ph to learn more about the program.

THERE is no doubt that Martin del Rosario is on a roll.

His name alone adds prestige to the first-ever Cine Silip Film Festival, organized by the VMX division of the Viva Entertainment empire, with the esteemed Ronald Arguelles as festival director. The festival runs from October 22 to 28, in select cinemas under the Ayala Malls group.

According to Arguelles, these seven entries made the cut from among more than a hundred script submissions: Dreamboi, Haplos sa Hangin, Salikmata, And Lihim ni Maria Makinang, Babae sa Butas, Pagdaong, and Maria Azama: Best Porn Star.

Del Rosario is the lead character in the movie Haplos sa Hangin. Highly touted young filmmaker Sonny Calvento is credited as the screenwriter while Mikko Baldoza debuts as the director. Both Calvento and Baldoza belong to the creative geniuses that form Southern Lantern Studios, a small production outfit that has produced outstanding film outputs in recent years.

It’s Del Rosario’s first outing for a Vivamax movie and he does not have qualms at all, knowing that he is working with a group that has award-winning films that represented the country in many festivals overseas.

‘I really fought for this movie with my management team at Sparkle, because when I received the script, I did not allow anything to disrupt me until I finished reading it. I was more than interested, perhaps almost obsessed with the material and my character, so I made sure that I will be the actor to do it. Luckily, everything went smoothly, and we finished the film without glitch, and the festival organizers decided that it deserved to be one of the entries,’ Del Rosario shared.

I first met Del Rosario in 2010 during the filming of Dagim, a horror drama entry for the Cinema One Originals Independent Film Festival, incidentally also chaired by Arguelles. Del Rosario bagged the Breakthrough Actor of the Year Award the following year and people started to take notice of his promise as an actor to watch out for.

We then reconnected when he did the TV series Pintada for ABS-CBN in 2012, and I’ve followed his colorful career since then.

I had a quick chat with Del Rosario recently during the launch of Cine Silip and we were more than happy to see each other again.

‘This is perhaps the most daring I’ve ever done for the big screen,’ referring to the requirements of his his role in Haplos sa Hangin, ‘and I simply trusted my director and the whole team and went along with their vision. I believe that film work is and should always be collaborative between everyone involved for the output to come out well and polished.’

Del Rosario’s work schedule is currently full, as he returns to the stage to reprise his role as a military man whose life gets entangled with a couple in hiding with the new run of the much talked-about theater adaptation of Jun Lana’s movie Anino sa Likod ng Buwan.

When the show had its first run earlier this year, Del Rosario and his coactors Ross Pesigan and Elora Españo all got very good reviews from high-nosed theater critics. For the shows that will run until November 9 at the PETA Theater in Quezon City, Del Rosario will be joined by Edward Benosa, Denise Esteban and Vincent Pajara.

Once he is on stage, Del Rosario says that he is transported to a different universe. ‘At the back of my mind, I am aware that there is a live audience, but in the realms of my consciousness I just swing into the world of my character, and I just allow myself to feel his every emotion, every movement, and every heartbeat. I guess, it’s good in a way because I become my character and that’s who the audience will see.’

For both his roles in the festival film and the re-run of the theater production, Del Rosario will definitely bare not only his skin but also his soul, and he is perfectly okay with it.

‘I am an actor, and I give life to many different characters. I have learned, through years of experience and the continuous guidance of some very wonderful and intelligent directors, how it is to shed off all inhibitions when I perform, whether in front of cameras or with a live audience,’ he said.

Martin del Rosario has won several acting awards in the past, and he deserves to be on top because he is bold, always brave and consistently brilliant.

THE Department of Agriculture (DA) at an international forum pitched the Philippines’z $108.88 million agrifood investment portfolio focused on mango, abaca, seaweeds, and bamboo.

At the recent 2025 Hand-in-Hand Investment Forum held during the World Food Forum (WFF) at the Food and Agriculture Organization (FAO) Headquarters in Rome, Italy, Assistant Agriculture Secretary Arnel de Mesa said the plan could benefit over 35,000 rural stakeholders.

He said the initiative also projects a Net Present Value (NPV) of $131.9 million with an Internal Rate of Return (IRR) of 34.39 percent, while aiming to sequester over 280,000 metric tons (MT) of carbon dioxide equivalent emissions, supporting national climate goals.

In a statement, the DA explained that the seaweed farming initiative builds on the country’s global dominance in carrageenan production by using the multiple raft method to boost yields and enhance seed quality.

With 73,467 hectares of untapped areas, the agency said seaweed farming has the potential to raise farmer incomes by up to 60 percent.

For the mango processing proposal, the DA noted that it seeks to modernize the country’s value chain through investments in post-harvest treatment, cold storage, and value-added products such as frozen mangoes, purees, and pickles.

The sector produced 763,298 MT in 2024, with Guimaras mangoes holding a Geographical Indication (GI) seal. The project is expected to yield an IRR of 39.58 percent and an NPV of $83.4 million, the DA said.

Meanwhile, the agency said the abaca project responds to a global supply gap of 25,000 MT. The Philippines currently supplies over 85 percent of the world’s abaca fiber.

As such, the investment would establish modern processing centers, rehabilitate farmland, and support 300 farmers, with a projected IRR of 28.36 percent and a 50 percent income increase for beneficiaries.

The DA said the bamboo plantation initiative targets the $72.1 billion global market for sustainable materials. With 1.5 million hectares identified as suitable for cultivation, the project focuses on five key regions and is expected to generate an IRR of 33 percent.

Agriculture Secretary Francisco Tiu Laurel Jr. then emphasized that these initiatives are aligned with the Philippine Development Plan 2023-2028 and the Masaganang Bagong Pilipinas Agenda.

He also stressed the government’s push for mechanization, digitalization, and strong public-private partnerships to ensure a stable, investor-friendly environment.

In Rome, the Philippine delegation also held bilateral meetings with the FAO Director General Qu Dongyu, investors and development partners to foster collaboration in agribusiness, climate-smart technology, and value chain innovation.

The DA said the Philippines concluded its participation by reaffirming its readiness to collaborate with investors, governments, and development institutions in driving sustainable and inclusive agribusiness growth.

The Philippines is one of the 34 founding member nations of FAO in 1945 and an FAO office in the country was established in 1978.

Krista Gem M. Santos, Deputy Executive Director IV of the Office for Alternative Dispute Resolution; Dranyl Jared P. Amoroso, Senior Vice President for Advocacies of the Philippine Institute of Arbitrators Inc.; and Raoul C. Creencia, President of the Rotary Club of Manila, present the Provision of Barangay Justice award to the Lupong Tagapamayapa of Barangay Baan KM 3, Butuan City, represented by Punong Barangay Gemma P. Tabada, during the Leaders Excelling in Dispute Resolution and Peacemaking (LEAP) Awards held at the Manila Hotel.

The annual recognition program honors exemplary practices in dispute resolution and peacemaking.

THE country’s balance of payments (BOP) posted a surplus in September, as modest inflows from the Bangko Sentral ng Pilipinas’s (BSP) income abroad and the national government’s foreign currency deposits narrowed the year-to-date deficit.

Latest data released by the BSP showed the BOP, which accounts for the transactions of the country with the rest of the world, recorded a surplus of $82 million in September 2025.

This amount is lower than the $3.5 billion surplus posted in September 2024 and $359 million in August 2025.

The surplus trimmed the year-to-date deficit to $5.3 billion as of end-September, from $5.4 billion in end-August.

According to the central bank, the surplus reflected the BSP’s net income from its investments abroad and the national government’s net foreign currency deposits with the BSP.

‘Preliminary data indicate that the year-to-date BOP deficit was largely due to the continued trade in goods deficit,’ the BSP said, citing data from the Philippine Statistics Authority’s (PSA) International Merchandise Trade Statistics.

This was partly offset by the sustained net inflows from personal remittances from overseas Filipinos, trade in services, foreign direct and portfolio investments and foreign borrowings by the national government, the BSP added.

The trade deficit for January to August 2025 settled at $32.4 billion, down from the $34.3 billion deficit posted in January to August 2024, according to PSA.

According to Michael L. Ricafort, chief economist at Rizal Commercial Banking Corporation, the local political noise led to some market volatility and may have affected capital flows.

The so-called ‘Trump risk premium’-or the global market volatility linked to US trade and fiscal policies-continued to weigh on investor sentiment, Ricafort added.

Moreover, the BOP position aligned with the growth in the country’s gross international reserves (GIR), which rose to $109.1 billion as of end-September 2025 from $107.1 billion as of end-August 2025.

GIR comprises foreign-denominated securities, foreign exchange and other assets, including gold, helping the country finance its imports and foreign debt obligations, stabilize its currency and provide a buffer against external economic shocks.

The BSP said the current reserve level remains adequate, equivalent to 7.3 months’ worth of imports and payments for services and primary income.

‘Specifically, the latest GIR level ensures availability of foreign exchange to meet balance of payments financing needs, such as for payment of imports and debt service, in extreme conditions when there are no export earnings or foreign loans,’ the BSP noted.

Further, the GIR covers about 3.8 times the country’s short-term external debt based on residual maturity.

The BSP explained that short-term debt based on residual maturity refers to outstanding external debt with original maturity of one year or less, plus principal payments on medium- and long-term loans of the public and private sectors falling due within the next 12 months.

‘The smaller BOP surplus reflects fewer one-off inflows and a still-wide trade gap, but the external position remains manageable with steady remittances, strong services exports and solid reserves,’ SM Investments Corp. Chief Economist Robert Dan Roces said.

Roces said investment inflows may resume and boost liquidity and credit conditions as global rates ease and regional demand recovers. This should benefit firms with deep local roots and diverse sources of growth, he added.

Surplus to be sustained in Q4-Taningco

Meanwhile, Security Bank Chief Economist Angelo Taningco said the BOP surplus in September was likely supported by net receipts in services trade, overseas remittances and net foreign equity investments, which together overshadowed trade-in-goods deficit and net foreign bond outflows.

‘For the last three months of the year, we expect BOP surplus to be maintained with our full-year BOP deficit forecast pegged at $4.5 billion,’ Taningco added.

In the coming months, Ricafort noted that although oil prices have declined and the peso has steadied, higher import demand toward year-end may widen the trade deficit and weigh on the country’s BOP.

‘Further/sustained growth in the country’s structural US dollar inflows would lead to better data for BOP,’ Ricafort added.

The Energy Regulatory Commission (ERC) said it made three improvements on the public offering rule (POR) guidelines to make it easier for power generation companies (gencos) and electric distributors to offer shares of ownership to the public.

The amended guidelines, approved last October 16, streamline the process for these companies to comply with the POR, which mandates these power firms to sell to the public at least 15 percent of their common shares not later than five years from the issuance of their certificate of compliance (COC). The POR is a key requirement of the Electric Power Industry Reform Act (Epira).

The ERC said the rules now provide a clearer definition of a ‘holding company,’ eliminating previous confusion about which parent companies were affected. Also, companies are now given a longer and more practical period to prepare for and complete their public offering, acknowledging that the process takes significant time and planning.

Lastly, the ERC said requirements have been synchronized with the current listing standards of the Philippine Stock Exchange (PSE). This ensures energy companies follow a single, consistent set of rules when they go public.

The agency said these changes are helpful for small and medium-sized power producers and utilities who may have found the previous rules challenging. By making the process more manageable, the ERC encourages broader compliance and avoids having to excuse their non-compliance through the repeated issuance of provisional authority to operate (PAO), rather than the regular COC.

ERC Chairperson and CEO Francis Saturnino C. Juan said this is a win for rationality and public participation in the energy sector.

‘The start of the 5-year period is when a generator or distribution utility already has, is in possession of, the minimum requirements for listing with the PSE. Because right now, if we don’t do that, if we count the five years just from the issuance of the COC to it, the small generation companies are discriminated because the big ones, they can immediately comply with the requirement just by listing with the PSE.

But what about the smaller generators that they won’t list even if they want to because their capitalization is not at P500 million. Their income for the past three years has not reached P15 million. Or their stockholders do not exceed 1,000. So, they still can’t list with the PSE,’ Juan said during a news briefing.

The ERC said ‘indiscriminately enforcing the POR on all companies will not only defeat section 43 (t) objectives, but will also be anti-competitive, as it will impose additional barriers to entry; benefit a handful of generators, but discriminate the others; and increase electricity costs without commensurate economic benefits.’

Earlier, the agency said 54 percent or 136 of the 251 gencos in the country have yet to comply with the POR. These energy firms have a combined capacity of about 13,745 megawatts.

The Department of Agrarian Reform (DAR) is set to distribute land titles and certificates of condonation to a total of 5,788 agrarian reform beneficiaries from across Northern Mindanao.

The distribution of Emancipation Patents (EPs), Certificates of Land Ownership Award (CLOAs), electronic titles (E-titles), and Certificates of Condonation and Release of Mortgage (CoCRoMs) coincides with a Stakeholders’ Forum at The Atrium, Limketkai Center, Cagayan de Oro City on Wednesday, October 22.

DAR Secretary Conrado M. Estrella III, together with key officials from the agency, will lead the distribution as part of the department’s ongoing efforts to empower farmers through land ownership and financial freedom.

The land titles cover a total of 6,235.23 hectares of agricultural land.

The DAR said it marks another milestone in the agency’s commitment to strengthening land tenure security and uplifting the lives of Filipino farmers. In addition, 1,026 ARBs will be freed from a combined P61.26 million in unpaid land amortizations through the issuance of CoCRoMs, covering 1,446.07 hectares-giving them a fresh start to cultivate their lands without debt burdens.

Provincial breakdown

Bukidnon: 3,863 ARBs | 3,558.97 hectares

Camiguin: 158 ARBs | 79.94 hectares

Lanao del Norte: 263 ARBs | 534.20 hectares

Misamis Occidental: 686 ARBs | 646.60 hectares

Misamis Oriental: 818 ARBs | 1,415.53 hectares

Title distribution

Regular EPs/CLOAs: 211 ARBs | 268.42 hectares

E-Titles (Project SPLIT): 4,551 ARBs | 4,520.74 hectares

CoCROMs (Debt Condonation): 1,026 ARBs | 1,446.07 hectares | P61.26 million condoned

This initiative forms part of DAR’s ongoing efforts to ensure that farmers gain full ownership of the lands they till and are liberated from long-standing financial obligations. It also supports the implementation of the Support to Parcelization of Lands for Individual Titling (SPLIT) Project, funded by the World Bank, and Republic Act No. 11953 or the New Agrarian Emancipation Act.

In a statement, Estrella said the event reaffirms the Marcos administration’s dedication to rural development and genuine agrarian justice.

‘This administration remains steadfast in its promise to uphold genuine agrarian reform. These titles and debt condonation measures are clear proof that the government stands with our farmers in building a better future for the countryside,’ Estrella said.

THE Philippines and Japan further cemented their partnership in the energy sector with the signing of a Memorandum of Cooperation (MoC) between the Department of Energy (DOE) and Japan’s Ministry of Economy, Trade, and Industry (Meti) that seeks to enhance energy resilience and security.

Among others, the MoC will promote the exchange of technological expertise and best practices from Japan to the Philippines, encouraging clean-energy investment and support skills development in emerging energy industries, driving economic transformation and enhancing competitiveness in both nations.

Ultimately, this partnership not only addresses critical energy and environmental challenges but also deepens bilateral relations, fostering mutual trust and cooperation.

The MoC was signed last October 17 at the sidelines of the 3rd Asia Zero Emission Community (Azec) Ministerial Meeting, immediately following the conclusion of the 43rd Association of Southeast Asian Nations (Asean) Ministers on Energy Meeting and its associated meetings in Kuala Lumpur, by Energy Secretary Sharon Garin and Japanese Minister Muto Yoji.

The partnership will encompass capacity building, knowledge exchange, collaborative pilot projects, and policy dialogue, covering key areas such as renewable energy, grid integration, energy storage, hydrogen, ammonia, liquefied natural gas (LNG), and carbon capture, utilization, and storage (CCUS).

The Agency for Natural Resources and Energy (Anre) for Japan and the Energy Policy and Planning Bureau (EPPB) for the Philippines will serve as the primary focal points for implementation. The cooperation will commence immediately and continue for four years, subject to extension by mutual consent.

‘This partnership with Japan is a long-term investment in a sustainable future,’ said Garin. ‘It reflects our unwavering commitment to addressing climate change and building a resilient energy sector that will power our economies for decades to come. This is not just about reducing emissions; it’s about creating jobs, fostering innovation, and improving the quality of life for our citizens. A sustainable energy sector is a foundation for a thriving economy and a healthy society.’

The MoC aligns with the Azec principles, emphasizing the need for diverse energy options and tailored transition pathways for each country.

Azec, a regional initiative promoting cooperation towards achieving net-zero emissions in Asia, recognizes that diverse pathways are necessary to achieve carbon neutrality based on each country’s unique circumstances. This partnership directly contributes to Azex’s vision by fostering collaboration and innovation to accelerate the energy transition in both the Philippines and Japan.