A global study shows that nearly eight in 10 Filipino business executives are considering moving operations overseas because of the country's heavy reliance on imported fossil fuels.
The survey, commissioned by E3G, the We Mean Business Coalition and the Global Renewables Alliance, polled nearly 2,000 executives across 18 countries in late April. It found that 78 percent of respondents in the Philippines said they may relocate if government support for electrification stays insufficient.
Ninety-two percent of Filipino executives described the country as overly dependent on fossil fuels. The Philippines imports at least 90 percent of its crude oil from the Middle East, a vulnerability increased by supply disruptions in the Strait of Hormuz after the US-Israel war with Iran began in late February.
Business leaders called for faster adoption of renewables-based electricity to improve energy security. The study noted that 89 percent of executives believe current policy support moves too slowly to meet business needs for electrification.
Under the Philippine Energy Plan, the government targets raising renewable energy to 35 percent of the power mix by 2030 and 50 percent by 2040. The Department of Energy also aims for electric vehicles to reach 60 percent of the fleet by 2040.
