The Market Monitor Minding the Nation's Business
By Rose de la Cruz
Following the numerous visits and attendance to top level meetings in the United States of President Marcos and his economic team, the United States Trade and Development Agency has approved the release of funds to help the modernization and buildout of electricity transmission and distribution networks in the Philippines.
The USTDA announced the grant at the 6th Indo-Pacific Business Forum held in Manila on Tuesday saying that these innovations can help integrate renewable energy sources, increase service quality and resilience and reduce technical losses and costs.
Needless to say that much of the technology transfer and skills would involve US energy technologies and parts and initially even the manpower to train those that would operate them.
The USTDA said the funds will be carried out by bringing a delegation of government officials and private sector utilities to the US to observe innovations and best practices in smart grid technologies.
USTDA director Enoh Ebong said during a digital press briefing that the agency intends to engage with the energy industry of the Philippines and is in fact already doing so, Business World reported.
“We have undertaken projects in the clean energy space in wind, in geothermal and exploring more all the time. Our conversations are continual as we try and scope projects where we can bring US innovation, technologies and goods and services to really enhance the goals and objectives – and accomplish them – of our partners,” she said.
US senior official for Asia-Pacific Economic Cooperation Bureau of East Asian and Pacific Affairs Matt Murray said that during the APEC Economic Leaders Week in November, the US and the Philippines signed a civil nuclear cooperation agreement or the 123 Agreement, which supports expanded cooperation on zero-emission energy and on nonproliferation.
“And today at the Indo-Pacific Business Forum, we also welcomed the new partnership in this area held at an MOU signing between the US Agency for International Development and the Philippines’ Department of Energy to develop and implement a comprehensive civil nuclear energy policy. So, in that area as well, it’s really important to note some of the progress that we’re making with the Philippines,” Murray said.