Corruption scandal not seen deterring energy investments

THE Department of Energy (DoE) said it expects energy investments to continue flowing even in the face of a corruption scandal plaguing infrastructure projects.

“I’m still very bullish about investments in energy in the Philippines. And that’s shown by our oversubscribed GEA (green energy auction),” Energy Secretary Sharon S. Garin told reporters on the sidelines of the Asian Clean Energy Summit in Singapore last week.

“I think it’s still a very positive, and I don’t think it’s anything to worry about as far as energy is concerned,” she said.

A corruption probe into alleged irregularities in flood control projects has ensnared government officials, including senators, representatives and the Public Works department, as well as contractors.

President Ferdinand R. Marcos, Jr. set in motion a crackdown on flood control projects during his State of the Nation Address after many such projects failed during the heavy July rains.

Ms. Garin said the crackdown and the resulting investigations are reassuring to investors.

“I think for our investors, that should be an assurance that the current administration is being transparent… we should have even more confidence in this administration because it shows that we are determined to make sure that this is a well-run administration,” she said.

Ms. Garin said interest has been strong in the upstream sector following the recent awarding of eight petroleum service contracts, with more in the pipeline.

Ms. Garin said that a potential investor from the United Arab Emirates is looking to “check if they can also invest in upstream in the Philippines.”

“I think they are aware it’s private-driven, and it’s not about corruption per se. We’re just establishing ourselves as a good policy makers as far as energy is concerned,” she said. — Sheldeen Joy Talavera