By 
Metro Manila (CNN Philippines, October 24) — Two Chinese equipment manufacturers will be investing a combined $4 billion (around ₱227.2 billion) in the Philippine renewable energy industry, the Department of Trade and Industry (DTI) said Tuesday.
Trade Undersecretary Ceferino Rodolfo told reporters that the two companies will be making turbines and blades as well as towers that will cater to the needs of 79 companies that were awarded renewable energy service contracts by the Department of Energy.
“They have targeted, already are closing in on one particular location where they might be close to each other,” he added.
Rodolfo also said the investment is significant to the country.
“So when we say renewable energy, the opportunity in the Philippines is not just the service project part but very important also as the hub for manufacturing of equipment and components needed for renewable energy,” he explained.
Rodolfo said the Philippines has been under the radar of renewable energy investors given its geographical location, especially for solar power prospects.
He did not name the Chinese locators. He only said that each will invest $2 billion (around ₱113.6 billion).
“Gusto nila rito kasi, number one, ‘yung local demand and then the opportunity to make us as their hub for the region and other big markets like US and EU,” he said. “Number two is our geographic setup kasi these are very large equipment.”
[Translation: They like it here because number one, the local demand and the opportunity to make us as their hub for the region and other big markets like US and EU. Number two is our geographic setup because these are very large equipment.]
The DTI earlier said it is confident that the Board of Investments will hit its investment approvals target of ₱1.5 trillion this year.
Source: https://www.cnnphilippines.com/news/2023/10/24/china-investment-renewable-energy.html