The Philippines Department of Energy has received letters of intent (LoI) from four Korean companies to invest a total of $4.4bn in various energy projects in the country.

The companies SK Engineering & Construction, Sy Enc, BKS Energy Industry and SK E&S formally submitted their LoIs during the Philippines-Korea Business Forum.

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Philippines Department of Energy secretary Alfonso Cusi said: “We welcome these investments, especially as we anticipate the growth of our economy and expected demand due to the government’s Build Build Build Program.”

"We are hoping that this will result in a more robust energy sector for the country, help our job generation efforts and boost our economy."

SK Engineering & Construction has proposed to build a coal-fired power plant, and plans to expand its operations amounting to more than $2bn in Quezon province.

If approved, the power project in Quezon is expected to create at least 3,000 jobs per year during the construction period, and a total of 600 jobs per year during its operations.

Renewable energy firm Sy Enc expressed interest to build a wind power generation project. The company intends to expand its operations in the country by investing over $255m. This initiative is projected to generate 10,000 jobs.

Additionally, BKS Energy Industry submitted a proposal to invest $500m for solar power generation in the Philippines, which is expected to generate around 1,000 jobs a year in the country.

SK E&S, which is involved in the business of power generation, district energy, and city gas in Korea as well as in the international market, has submitted its proposal for an LNG terminal hub.

The company intends to invest $1.6bn for the new terminal hub, which is expected to generate 2,200 jobs during the construction period.

Cusi further added: “We are expecting more Korean firms to express their interest in investing in Philippine energy projects. We are hoping that this will result in a more robust energy sector for the country, help our job generation efforts and boost our economy.”