THE Department of Energy (DoE) has estimated at around $4.4 billion the proposed investments of four South Korean companies covering energy projects in the Philippines.
“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,” said Energy Secretary Alfonso G. Cusi in a statement.
Mr. Cusi, who has said he had received letters of intent from the foreigners, came from an official visit to South Korea led by the President.
He identified the four companies as SK Engineering & Construction, Sy Enc Co., Ltd., BKS Energy Industry Ltd., and SK E&S. Their letters were formally submitted during the Philippines-Korea business forum and luncheon in Seoul.
“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,” Mr. Cusi said.
The DoE described SK Engineering & Construction as an engineering, procurement and construction (EPC) contractor in the Philippines. The company intends to invest $2 billion in Quezon province with its proposal to build a coal-fired power plant and expand its local operations.
The EPC contractor handles all activities related to power plant development — from design, procurement, construction and commissioning up to the handover of the project to its end-user or owner, the DoE said.
Its proposed power plant project in Quezon is expected to generate at least 3,000 jobs yearly during the construction period. During the operational period, it can create 600 jobs.
The second-biggest investment proposal came from SK E&S at $1.6 billion. The company is engaged in power generation, district energy, and city gas in and outside South Korea. It submitted a proposal for an liquefied natural gas (LNG) terminal, which is projected to create 2,200 jobs during the construction period.
BKS Energy Industry Ltd. submitted a proposal for a solar power generation with an investment of $500 million in the Philippines. Its plan is expected to create about 1,000 jobs a year.
Renewable energy company Sy Enc Co. submitted a proposal for a wind power generation project. It also plans to expand its Philippine operations with an investment of about $255 million that could create 10,000 jobs. — Victor V. Saulon