The Philippines' energy sector has experienced significant growth, reaching an industry value of P3.3 trillion, an increase from P630 billion in 2022, as reported by the Department of Energy (DOE).

DOE Secretary Raphael Lotilla announced this figure during a press briefing in Taguig City, emphasizing the importance of the energy sector as a vital contributor to the country's economy.

The updated valuation is based on recent data from the Energy Regulatory Commission, incorporating new audited financial statements up to March.

Lotilla highlighted that the expanding value of the sector reflects an increase in energy assets across generation, transmission, and distribution.

He pointed out that a growing economy, projected at an annual growth rate of six percent, necessitates a corresponding expansion in the power sector at approximately 5.2 percent.

To address electricity costs, the government is enhancing its commitment to renewable energy initiatives, investing in power transmission infrastructure, and promoting hybrid systems for off-grid regions, aiming to replace traditional diesel sources with solar energy or liquefied natural gas.

Lotilla noted the strategy of increasing the share of indigenous energy sources, which provide greater control over supply availability and pricing.

In related news, GCash, a leading e-wallet provider in the Philippines, has surpassed P253 billion in loans disbursed through its borrowing arm, catering to 8.7 million borrowers.

This expansion reflects GCash's role in providing credit access to underserved communities.

It offers various lending products, including GLoan, GCredit, and GGives, with a focus on addressing the financial needs of low-income Filipinos and minimizing reliance on informal lending practices.

The fintech company has also broadened its wealth management offerings, reporting 13.2 million users registered with GSave, along with substantial engagement in GStocks, GFunds, and GCrypto platforms.

GCash has partnered with Mitsubishi UFJ Financial Group and is preparing for a potential initial public offering (IPO), expected to be one of the largest in Philippine history.

In a strategic move to enhance its international footprint, Meralco PowerGen Corp. (MGen) is expanding its liquefied natural gas (LNG) operations in Singapore.

MGen's subsidiary, PacificLight Power Pte.

Ltd. (PLP), is on schedule to launch a 100-megawatt fast-start generator as part of a broader effort to increase LNG capacity.

This project supplements PLP's existing 830-MW combined cycle gas turbine facility and is designed to provide rapid backup power to the grid.

MGen is also working on a 600-MW gas plant on Jurong Island, which is set to be hydrogen-ready and incorporates large-scale battery storage, with commercial operations anticipated in January 2029.

MGen, which operates under the Meralco Group, has recently engaged in significant investment activities, including a $3.3 billion deal with the Aboitiz Group and San Miguel Global Power, focusing on expanding its gas-fired facilities in Batangas.

With over 2,400 MW of gross generation capacity, MGen is positioned to support various energy demands across the grid.