04 April 2017, Dubai- The Philippines received the Runner-up position in the recently concluded AIM 2017 Investment Awards for best projects in South, East Asia, and Oceania region. The award is given to Investment Promotion Agencies (IPAs) from each region of the world in recognition of their efforts in attracting sizable and beneficial investment projects in their respective countries, and thereby contributing to economic growth and development.
The Philippines' Board of Investments (BOI) featured the battery-based energy storage system that AES Philippine Energy Storage Co. Ltd. is developing in Kabankalan City, Negros Occidental. The more than USD60million investment aims to contribute in the stability of reliable energy supply in the Visayas grid. The project is also seen as a way to efficiently balance supply from Solar Generation and discharge them when there is lower supply in the grid.
The project is in line with the Philippines' objective of creating a more stable and productive energy source, which is also an important input to fuel the country's economic growth and development.
The awarding ceremony was held on 2 April 2017 at Armani Hotel in Burj Khalifa, Dubai. Present during the evening to witness the ceremony were H.E Sultan Bin Saeed Al Mansoori, UAE Minister of Economy, and Dr. Mukhisa Kituyi, Secretary-General of the United Nations Conference on Trade and Development (UNCTAD). END