Saturday, June 15, 2024

DTI Urges Qatar Cool To Invest In The Philippines

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DTI Urges Qatar Cool To Invest In The Philippines

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Department of Trade and Industry (DTI) Secretary Alfredo Pascual urged Qatar Cool (QC), the largest district cooling system (DCS) provider in Qatar, to invest in the Philippines.

In a statement on Friday, the trade department said Pascual met with QC Chief Executive Officer Yasser Al Jaidah and Commercial and Finance Director Mohannad Khader on May 16 to discuss the company’s interest in establishing district cooling systems in the Philippines.

QC’s DCS technology offers a cost- and energy-efficient solution compared to individual building heating, ventilation, and air conditioning systems.

The DTI said this is in line with the administration’s goal of achieving a 20-percent reduction in energy consumption by 2030.

“We thank the Qatar Cool for your continued interest in the Philippines. We recognize the importance of energy-efficient projects in achieving our sustainability goals and, therefore, we are committed to supporting such initiatives through our enabling policies,” Pascual said.

At present, projects utilizing energy-efficient technologies may be eligible for fiscal and non-fiscal incentives provided by the government.

The DTI said QC is eyeing to partner with major developers focusing on district-wide or township developments in the Philippines.

The company was also urged to consider locations outside Metro Manila, which offer high-density developments suitable for DCS implementation.

QC first visited potential sites in the Philippines in March 2024, with follow-up discussions with prospective partners in the following weeks to ensure successful DCS adoption.

The DTI noted, however, that a high degree of occupancy commitment from tenants within developments would be crucial for the financial viability of the project.

According to the DTI, QC may also participate in large-scale infrastructure projects like the New Manila International Airport and Ninoy Aquino International Airport, which consume vast amounts of energy for cooling purposes.

“The DTI, together with relevant stakeholders, is committed to supporting QC’s exploration of the Philippine market. The Department of Energy will further assess QC’s business model for potential BOI endorsement. Additionally, exploring opportunities in other locations and projects presents exciting possibilities for collaboration,” said Pascual.

“The DTI looks forward to further discussions with QC and facilitating their successful investment journey in the Philippines, which can contribute significantly to the country’s energy efficiency goals,” he added. (PNA)