Four Korean Firms View USD 4.4B Investment in PH Energy Sector

Wazzup Pilipinas!

Four Korean firms have expressed their intention to invest a total of USD4.4 billion in various energy projects in the Philippines, Department of Energy Secretary Alfonso Cusi today said.

The four firms: SK Engineering & Construction, Sy Enc Co., Ltd., BKS Energy Industry Ltd., and SK E&S, formally submitted their letters of intent during the Philippines-Korea Business Forum and Luncheon, which is part of the activities included in President Rodrigo Duterte’s official visit to the Republic of Korea.

“We welcome these investments, especially as we anticipate the growth of our economy and expected demand due to the government’s Build Build Build Program,” Cusi said, after receiving the letters of intent from the companies in South Korea.

SK Engineering & Construction, an EPC contractor in the Philippines, submitted its proposal for a coal-fired power plant and plans to expand its operations amounting to more than USD 2 billion in Quezon province. An EPC contractor normally handles all activities from design, procurement, construction, commissioning up to the handover of the project to the end-user or owner.

The power project in Quezon is expected to create at least 3,000 jobs per year during the construction period, and a total of 600 jobs per year during its operations.

On the other hand, Sy Enc Co., a renewable energy firm, submitted a proposal for a wind power generation project. The company plans to expand its operations amounting to over USD 255 million in the Philippines, which is projected to generate 10,000 jobs.

For its part, BKS Energy Industry Ltd. submitted a proposal for solar power generation and is looking at investing USD 500 million in the Philippines, which is projected to generate more or less 1,000 jobs per year.

SK E&S, which engages in the business of power generation, district energy, and city gas in both Korea and overseas, submitted its proposal for an LNG terminal hub. The company is planning to invest USD 1.6 billion, which they projected to generate 2,200 jobs during the construction period.

“We are expecting more Korean firms to express their interest in investing in Philippine energy projects. We are hoping that this will result in a more robust energy sector for the country, help our job generation efforts and boost our economy,” Cusi added.