JABONGA, Agusan del Norte — President Ferdinand Marcos Jr. on Wednesday vowed to “improve bureaucratic processes” to entice more investors in the renewable energy sector.

The President gave the statement during the inauguration of the 24.9-megawatt Lake Mainit Hydro Power Plant, which is expected to provide cheaper electricity to some 45,000 households in Caraga.

This government will work to “improve bureaucratic process in the energy sector to make it easier for investors to come in,” Marcos Jr. said in his speech.

“I urge the local government to provide all the necessary assistance to ensure the safety and productivity of this hydro power plant,” he said, noting that the project would “serve as an encouragement to potential investors to invest in the country, especially in the power generation and renewable energy sectors.”

Marcos Jr. has been pushing to improve the share of renewables in the country’s energy mix. He told leaders of the Asia-Pacific Economic Cooperation (APEC) last year that half of the Philippines’ power would be sourced through renewable power plants by 2040.

• Marcos says to prioritize use of renewable energy to address climate change

Under the Philippines’ renewable energy plan — a requirement under the Renewable Energy Act of 2008 — the country targets to increase to 35 percent of the share of renewable energy in the power mix by 2030.

In 2008, the share of renewables in the Philippines’ power mix was about 34 percent, according to data from the Department of Energy.

It went down to 21 percent in 2021, data showed.

“As our power demand continues to increase, initiatives and projects such as this are most welcome as they improve our energy supply,” Marcos said.

“It is also expected to generate socioeconomic opportunities for the people of Agusan del Norte and Mindanao,” he added.

President Ferdinand Marcos Jr. witnesses the inauguration of the Lake Mainit hydro powerplant in Agusan del Norte.Katrina Domingo, ABS-CBN News

President Ferdinand Marcos Jr. witnesses the inauguration of the Lake Mainit hydro powerplant in Agusan del Norte.Katrina Domingo, ABS-CBN News

President Ferdinand Marcos Jr. witnesses the inauguration of the Lake Mainit hydro powerplant in Agusan del Norte.Katrina Domingo, ABS-CBN News

The hydro power plant attached to Lake Mainit — the deepest lake and one of the biggest freshwater lakes in the Philippines — is being operated by Agusan Power Corporation, which is under the partnership of Filipino energy player Markham Resources Corporation and Japanese energy firm J-POWER.

Marcos Jr. thanked the Japanese investors for bringing renewable energy technology in the Philippines, underscoring that hydro power plants “improve air quality as [it] produces very low carbon emissions during production.”

This is a “clear manifestation of the trust and support our two nations hold for each other,” the President said.

“I look forward to greater cooperation, stronger bilateral relations with Japan especially in the field of renewable resources,” he said.

Aside from providing cheaper sources of electricity in the region, Agusan del Norte Governor Angel Amante said that the new hydro plant has “solved flooding problems as well.”

“We are able to save 60 hectares of rice land for our farmers to cultivate. We were able to reclaim 30 hectares of land area due to the subsided water,” she said.

In 2021, blackouts hit parts of Caraga due to technical issues and maintenance works.

The National Grid Corporation of the Philippines (NGCP) in June started the second phase of its P10.56-billion Mindanao substation upgrade to improve the grid’s reliability in the island.

The NGCP said its new transformers would be installed in Misamis Oriental, Lanao del Norte, Agusan del Norte, Davao del Sur, North Cotabato and South Cotabato “to ensure continuous operations in case of outages.”

• Businesses want products made from clean energy: Marcos Jr.
• Gov't eyes solar, wind power to solve Mindoro’s energy issues: Marcos
• PH gets $13.7 billion 'investment pledges' from China firms for renewable energy: Palace

Watch more News on iWantTFC