THE US Agency for International Development (USAID) said Monday that it launched a $34-million project to improve the efficiency, security and resilience of the Philippine energy industry.

“Through the Energy Secure Philippines (ESP) Project, the US will work with Philippine government and private sector partners to improve the performance and efficiency of energy utilities, deploy renewable energy systems, enhance competition in the power sector, and address energy sector cybersecurity,” the US Embassy in the Philippines said in a statement.

Energy Secretary Alfonso Cusi, US Embassy Chargé d’Affaires John C. Law and USAID Philippines Acting Mission Director Sean E. Callahan signed a memorandum of understanding in a virtual event.

“The ESP will provide a wealth of opportunities for the (Philippine Department of Energy), as we re-evaluate the appropriateness of our current policies (vis-à-vis) our country’s energy goals,” Mr. Cusi said.

Also Monday, the US Embassy said Washington is also looking at “mobilizing” over $740 million in private-sector investment to help develop 500 megawatts of clean energy generation capacity in the Philippines.

According to its website, USAID has provided over $4.5 billion to help the Philippines achieve its development goals over the past 20 years. — Angelica Y. Yang