Private Sectors and investors are showing positive signs in interest regarding the support for the energy sectors in the Visayas. For the last two years, worldwide investors have dropped to a 12 % in 2016 to $1.7 trillion, representing 2.2 percent of the global gross domestic product (according to the World Energy Investment report for this year).
The Visayas area is getting the attention of investors, especially in the area of renewable energy. Engineer Antonio Labios, egional director of the Department of Energy in Central Visayas (DOE-7), mentioned that investments in oil exploration have not been so solid due to minimum oil prices in the market today while interest in renewable energy investments has been increasing.
Energy Sector-Country and Investors
The officials in charge of the energy sector will not starting any project until a group (of investors) commits in finishing the projects. As of the meantime, the offices are continuing to promote reliable energy and opportunities for both the Philippines’ energy sector and the investors.
Everything from plans, construction and financial matters have been more or less settled. Engineer Antonio Labios mentioned that additional capacities would be built in Bantayan Island, Camotes Island, and the far southern and northern parts of Cebu province.
According to the office, 14 committed private sectors in the Visayas will be totally committed in the rated capacity of 467.77 MW. Six biomasses out of the 14 are power plants in Negros Oriental; two solar power projects in Iloilo and Toledo City, Cebu; three hydropower facilities in Iloilo, Bohol, and Aklan; a geothermal plant in Biliran; a diesel plant in Negros Occidental; and one coal-fired power plant in Concepcion, Iloilo.