A group of largest Danish investors are planning to invest approximately $5 billion in the offshore wind farms in the Philippines, according to the Ambassador of Denmark to the Philippines Franz-Michael Mellbin.
“We have a number of investors who are looking more carefully at the Philippines now. And we’re very happy that there was a very large investment announced,” Mellbin said during an interview with Dante “Klink” Ang 2nd, The Manila Times chairman and chief executive officer in the “Business and Politics” program on SMNI.
The Philippines is facing a power crisis in which Filipinos have had to deal with the high price of their electricity.
When asked what he would recommend to the Philippine government insofar as energy is concerned, Mellbin said, “Basically, I recommend less dependency on external actors in your energy policy and your energy supply,” reported The Manila Times.
Furthermore, he indicated that with the “strong signals” the Philippines has been giving to develop the country’s energy sector market, Mellbin discussed with President Marcos about how important cutting the “red tape” is.
By canceling some of the unnecessary steps in order to proceed with the collaborations whether in the energy sector or not, it will result more positively in both parties — “And the timeline [when the project to be completed] could be short,” Mellbin said.