MANILA – The Philippine office of the International Finance Corp (IFC) called on the government to expedite projects that would boost the country’s power supply in preparation for the start of the Asean Economic Community.
“This issue will take on added urgency when the economic integration of the Association of Southeast Asian Nations begins next year. It is imperative for the Philippines to improve its supply of reliable and affordable power to help Philippine companies brace for tougher competition as a result of the integration,” IFC resident representative Jesse Ang told a forum today.
The IFC is the private-sector lending arm of the World Bank.
Philippine electricity demand is projected to hit 9,011 megawatts (MW) next year, 3.4 percent higher than the 8,717 expected for this year. The government seeking emergency powers from Congress to plug a shortfall of at least 300 MW.
To help the country meet its growing energy requirements, the IFC and its partner banks have provided P19 billion (about $463 million) worth of financing to more than 130 sustainable-energy projects.
The said projects would be able to cut a million metric tons of greenhouse-gas emissions a year and mitigate climate change in the Philippines.
During the forum, IFC Philippines’ Sustainability and Climate Business Group, together with the Bank of the Philippine Islands and Banco de Oro, presented Sustainable Energy Finance Awards to recognize companies that proved the business case of energy-efficiency and renewable-energy investments and the benefit of engaging with an IFC partner bank.
The reduction in greenhouse-gas emissions from these energy projects is equivalent to removing 226,000 cars from the country’s roads in a year.
“With the Energy Smart Forum and the Sustainable Energy Finance Awards, we want to show that everyone has a role to play in raising public awareness and promoting the proper use of energy, and in encouraging investments in energy efficiency, renewable energy, and clean technologies and processes,” said Martial Beck, executive vice president of the European Chamber of Commerce of the Philippines (ECCP).
Glacier Refrigerated Services Inc, Jeco Development Corp, and Manuela Corp – Starmall Alabang were the winners in the energy-efficiency category, while San Carlos Energy Inc, Venvi Development Corp, San Jose City iPower, and Sunwest Water and Electric Co won in the renewable-energy category.
The awardees were selected based on the actual implementation of projects that have reduced energy consumption or contributed to energy generation, innovation and commitment to sustainability, and the potential for replication and success-story dissemination. -Euan Paulo C. Añonuevo, InterAksyon.com
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