Marcos pitches local battery production to American businesses.
The Philippines’ intention to pursue local battery production with the aid of international technology and cash was promoted by President Ferdinand R. Marcos Jr. on Wednesday to American businesses as a potential solution to the nation’s challenges with energy supply and other energy-related issues.
Marcos highlighted the enormous potential of domestic battery production during a fireside discussion with US businesses at the Blair House in Washington as the government works to transition the Philippines’ energy balance from traditional fossil fuels to renewables.
“And it is impossible to overestimate the role that batteries will play in the entire system. And because of the onset of climate change, battery production is a pivotal business for the Philippines, so it would be really beneficial if we could bring it here, added Marcos.
According to him, technology and substantial industry participation are required for this to happen for the country to move beyond mineral extraction to actual battery production to support the local value chain.
“But in order to do that, we need technology, as well as the funds and resources necessary to carry out such actions. They are not small projects, so they demand significant funding, which is yet another aspect of the problem we must address, he said.
According to Marcos, the introduction of numerous new products in recent years, such as green and blue bonds, has promoted this activity while also making the laws in place quite apparent.
According to Marcos, buyers of mineral products insist on declarations of proof that the things they are buying were manufactured using green energy in his conversations with large corporations, notably mining companies.
And it, in his opinion, would play a significant role in ensuring the success of battery manufacturing in the Philippines, he added.
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