October 1, 2024 | 12:00am
MANILA, Philippines — President Marcos yesterday urged tech investors to choose the Philippines as a launching pad for their “boldest ideas,” as he led the inauguration of a P7-billion battery factory seen to spur investments in renewable energy.
During the inauguration of the StB Giga Factory in New Clark City, Marcos said the Philippines is in the middle of a “technological storm” and while it is not yet launching rockets, it is stepping boldly into a “sustainable, innovative and transformative” future.
He added that the inauguration of the battery factory sends a message to the world that the Philippines is “now ready to innovate, to lead, to become the go-to destination for high-tech, high-impact investments.”
“So, if you are an entrepreneur, a startup, an industry leader wondering where to place your next big bet, look no further. We have the talent, certainly the determination and now, the infrastructure to make your boldest ideas a reality,” the President said.
“Let us remember why we are doing this. Beyond the figures and the projections and the technology, it comes down to our shared responsibility to our environment and to the next generation,” he added.
The StB Giga Factory is the country’s first manufacturing plant for lithium-iron-phosphate batteries. The project is funded by Australian investment firm St Baker Energy and was among the investment commitments announced during the Association of Southeast Asian Nations-Australia Special Summit last March.
The amount of business deals forged during the event totaled P86 billion, according to officials.
StB Giga is projected to earn some P5 billion every year once it reaches full capacity and generate 2,500 jobs. It is the first locator at the Filinvest Innovation Park within the 9,450-hectare New Clark City managed by the Bases Conversion and Development Authority.
The company seeks to manufacture two gigawatt-hours of batteries every year by 2030, an output seen to support some 18,000 electric vehicles or nearly half a million home battery systems. It will have invested about $35 million in the Philippines once it reaches its target capacity.
Marcos said the inauguration of the factory demonstrates what can happen when the national agenda of promoting clean energy intersects with a “solid commitment” from the private sector.
The facility runs in tandem with the Philippines’ landscape as it transitions to renewable energy, he added.
“As the first manufacturing plant in the Philippines for advanced iron phosphate batteries, often used in renewable energy and electrical vehicles, the StB Giga Factory sets the stage for the Philippines to become a player in clean energy storage in our part of the world, in Southeast Asia, in our region,” the Chief Executive said.
“Your products could help entice more investors in renewable energy facilities in the country. The upstream and the downstream businesses that will come from this are just going to be tremendous,” he added.
Marcos also welcomed StB Giga’s plan to enter the electric vehicle (EV) product market in the coming years, a move that he said is aligned with the country’s plans to develop the EV industry and to produce locally made EV components and reduce reliance on imported fuel.
“While renewable energy sources and… EVs were once seen as just options, they must now be our path forward to adapt to and mitigate the effects of climate change,” he said.
Marcos thanked the people behind StB Giga Factory for taking a “leap of faith,” saying every step made toward sustainable energy development is an investment in a brighter and healthier future.
“And to the rest of us, I will say, don’t blink. Change is happening faster than you think,” he said.
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