Aims to upgrade and expand renewable energy sector
Patricia Loui, board of director for the Export-Import Bank of the United States (Ex-Im Bank), and Raul B. Aguilos, undersecretary for the Department of Energy (DOE) of the Republic of the Philippines, signed a $1 billion memorandum of understanding (MOU) at a ceremony in Manila Wednesday.
According to the MOU, Ex-Im Bank and the DOE will exchange information with an eye to matching development needs in the Philippines with innovative goods and services offered by American exporters.
More specifically, the MOU targets renewable-energy and LNG projects in the hopes of upgrading and expanding the Philippine energy supply in the wake of Typhoon Yolanda.
In 1994, Ex-Im Bank financed the first project-finance transactions in the Philippines for geothermal energy: Cebu Geothermal for $170 million, and Mahanagdong Geothermal project for $211 million.
