00:00After several government contracts were scrapped, officials made it clear that in public-private deals,
00:05investors must deliver on time or face the music.
00:09At a recent Renewable Energy Forum, authorities said the Philippines welcomed serious players.
00:14But once a contract is signed, there's no room for half-measures,
00:18as the country pushes to raise renewables to 35 percent of the energy mix by 2030.
00:24Ron Lagosad reports.
00:28Following the cancellation of contracts, including those of Solar Philippines,
00:31which was founded by Representative Leandro Leviste,
00:34Energy Secretary Sharon Garin emphasized that when it comes to entering into contracts with the government,
00:39it is important that obligations are met.
00:41I think with this issue, all investors are already aware that they have to deliver on time as scheduled.
00:51Otherwise, we slap them with a penalty.
00:54This is in relation to the Renewable Energy Investment Forum led by the Department of Energy,
00:59where around 300 investors participated for possible investments in renewable energy in the country.
01:04This will undergo evaluation by the DOE in various aspects such as legal, financial, and technical requirements.
01:10She said this is not meant to intimidate them,
01:12but to make it clear that once they enter into a contract with the government, including the DOE,
01:17they are required to fulfill their obligations.
01:19The message is there.
01:21The message is there that we want legitimate and serious investors in the Philippines,
01:26and that's what we want to give also in the investment forum.
01:31But at the same time, if you are a serious and legitimate investor,
01:35we will show you what opportunities you have in the Philippines here as an investor in energy.
01:41She added that this includes information on upcoming auctions,
01:44which technologies are good to invest in, and how investors can sell their products.
01:48Overall, renewable energy now accounts for more than 25% of the country's energy mix.
01:53According to DOE, the target is to increase renewable energy to 35% of the energy mix by 2030.
01:58She said this target is achievable especially if more auctions or projects for renewable energy are implemented.
02:04At present, solar energy makes up the largest share among renewable sources.
02:08Rod Lagused from the National TV Network for our new and better Philippines.
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