Philippines Roundup: Paris Olympics, solar project, oil spillage

Solar project

The Philippines government has fast-tracked the development of the "world's largest" solar and storage project, with a capacity of 3,500MW of solar PV and a 4,500MWh battery energy storage system. The project, being developed by Terra Solar Philippines, Inc., has received a green lane certificate from the Board of Investments, allowing it to proceed at a quicker pace. According to Energy Project News, the project is expected to cost PHP185 billion (US$3.2 billion) and span 3,500 hectares of land in Bulacan and Nueva Ecija provinces. The certificate is hoped to help the project reach commercial operations by 2026 and 2027.

Paris Olympics

Philippines celebrates Olympic gymnast Carlos Yulo's victory with a parade in Manila. Yulo won two gold medals, bringing the country's total Olympic gold medal haul to three. His success has inspired hope for many Filipinos. Yulo overcame obstacles and trained in Japan to pursue his gymnastics dream. President Marcos met the athletes and awarded Yulo with a presidential citation and a significant cash reward, along with other gifts and offers of support, Gulf News reported.

Foreign Direct Investment

FDIs in the Philippines fell to a 16-month low in May 2024, due to high inflation and geopolitical tensions. Despite the decline, the five-month FDI net inflows grew by 15.8 per cent year-on-year. Factors such as global economic uncertainties and regional competition may have contributed to the potential slowdown. Realizing the projected $9.5-billion FDI net inflow for 2024 will require sustained investor confidence and a favourable economic climate. The report also indicated a decline in equity capital placements, but a bright spot in intercompany borrowings between multinational firms and their Philippine units, Asia News reported.

Oil spillage

The Philippines has started transferring 1.4 million litres of industrial fuel oil from a sunken tanker off Manila Bay to prevent an environmental disaster. The tanker sank on July 25 and it took three weeks to control the spillage. The release of the cargo was warned to cause an environmental catastrophe and fishing zones have been affected, media agency Hindustan Times reported. The country has experienced a devastating oil spill in the past, causing contamination of waters and beaches.

Consumer Electronics

VS Industry's subsidiary in the Philippines has secured RM1.5bil in new orders to manufacture consumer electronics products for a key customer. The expected revenue contribution for FY25 and FY26 is RM0.3bil and RM1.2bil respectively. This development is expected to strengthen the company's earnings and geographical exposure, according to reports by media agency The Star.