The Department of Energy (DOE) participated in the 10th Economy and Development Council Meeting led by President Ferdinand Marcos Jr., where the Council approved the establishment of the Philippine Geothermal Resource Derisking Facility.
The DOE said the initiative is aimed at accelerating the development of the country’s geothermal energy resources by helping reduce the financial and technical risks tied to exploration and project development.
According to the agency, the facility is expected to encourage more investments in renewable energy projects and support the expansion of the Philippines’ clean energy capacity.
The approval, the DOE said, forms part of the administration’s broader strategy to strengthen the clean energy sector, promote sustainable economic growth, improve energy security, and reduce dependence on conventional energy sources.
The department noted that geothermal energy remains one of the country’s most reliable renewable energy resources. It said initiatives that support geothermal development will help provide a stable and sustainable electricity supply while advancing the government’s long-term energy transition goals.
The DOE said it remains committed to working with other government agencies and industry stakeholders to pursue policies and programs that promote renewable energy investments and help build a more resilient and sustainable energy future for the country.