More South Korean investments in Philippine renewable energy

A number of South Korean firms intend to invest up to US$1 billion in renewable energy and other projects in the Philippines.

The Philippine government said Youil Ensys, one of South Korea’s largest renewable and engineering power firms, plans to invest US$160 million in the solar power sector.

The Philippines’ Department of Energy and South Korea’s Ministry of Knowledge Economy have signed an agreement to build a power plant in the Subic Bay Special Economic Zone.

The power plant will use environment-friendly technologies to meet the medium and long-term projected electricity needs of the Luzon grid.

Boosting business ties between both countries is the Economic Development Cooperation Fund framework agreement for 2011-2013 signed in November 2011.

South Korea is the Philippines’ third largest source of foreign investments and is the fifth largest trading partner.