Philippines seeks foreign investors for power projects

Manila

THE Philippines needs to build an additional 7,000 megawatts of power generation capacity over the next five years to support its fast-growing economy and wants foreign investors to help, its energy minister said on Monday.

Firms from China, South Korea, Russia and Japan were interested in new Philippine power projects, and the president would soon sign an executive order to address soaring power demand by giving priority status to get new projects ready in half the time, Energy Secretary Alfonso Cusi told Reuters.