Singapore—Department of Trade and Industry (DTI) Secretary Alfredo Pascual presented the Philippines’ initiatives to promote sustainable economic growth at the Indo-Pacific Economic Framework (IPEF) Clean Economy Investor Forum at the Marina Bay Sands Expo & Convention Centre on June 6, 2024.
“While pursuing robust economic growth, we remain committed to ensuring our growth is inclusive and sustainable. Despite the setbacks of the COVID-19 pandemic, we have maintained steady gross domestic product [GDP] growth, expanded our middle class and diversified our industrial base,” said Pascual.
“Our strategy is anchored in the United Nations Sustainable Development Goals, focusing on promoting sustainable economic growth, building resilient infrastructure, fostering innovation, and ensuring sustainable consumption and production patterns,” the trade chief said.
Pascual cited the government’s strategies in driving the Philippines’ renewable energy transformation during the forum.
The Philippine Energy Plan sets aggressive targets for offshore wind, waste-to-energy projects and expanding rooftop solar programs.
He said this is accelerated through enhanced tax incentives that support the growth of green industries, attracting significant investment opportunities and a policy on foreign ownership that allows 100-percent foreign ownership in renewable energy projects.
Pascual said the government issued Executive Order No. 18 which introduced “green lanes” to expedite the approval processes for strategic investments, including a pioneering 1.3-gigawatt floating solar project on Laguna Lake.
The government envisions to transform the Philippines into a hub for green and sustainable manufacturing, he said.
Pascual underscored the country’s transition to electric vehicles (EVs) and encouraged investments in EV assembly, charging stations, automotive electronics, battery manufacturing and mineral processing.
The country has been contributing to the global sustainability agenda, which includes the ratification of the World Trade Organization (WTO) Agreement on Fisheries Subsidies and co-sponsorship of the Dialogue on Plastics Pollution and Environmentally Sustainable Plastics Trade, he said.
The Philippines is also compliant with tariff reduction commitments under the Asia-Pacific Economic Cooperation (APEC) Environmental Goods List and the Coalition of Trade Ministers on Climate.
Pascual said that on circular economy and waste management, the Philippines supports the ASEAN Economic Community’s Framework for the Circular Economy where programs like the Extended Producer Responsibility (EPR) encourage manufacturers to consider the entire lifecycle of their products.
Emphasizing the crucial role of public-private partnerships in addressing climate change, Pascual called for the development of resilient infrastructure that incorporates eco-conscious construction methods and disaster preparedness technologies.
He invited governments, industries, and investors to forge new partnerships and increase investments in sustainable development.
