FORMER Senator Ferdinand ‘Bongbong’ Marcos Jr. pledged to increase the number of geothermal power plants if he is elected president by offering a cost-sharing incentive to potential investors.

He lamented the slow development of the geothermal energy sector because of lack of investments.

“Accelerating the development of our geothermal resources needs the participation of the private sector. As it stands, the risks and capital requirements in the early stages of exploration are high,” Marcos said.

“That is why we need to come up with a risk-sharing or cost mitigation agreement with potential investors for them to get involved,” he added.

Geothermal energy, he said, is an ideal energy source because it is clean, reliable, and environment-friendly.

“Also, since we are situated along the Pacific Ring of Fire, our country possibly has the highest untapped geothermal energy reserves in the world,” Marcos said.

As of 2021, the Philippines ranked third among countries with the highest installed geothermal power generation capacity, next to Indonesia and the United States.

The Philippines operates the 7th and 4th largest geothermal facilities globally with the Tiwi and Makiling-Banahaw power plants.

The country has seven geothermal power plants with an installed capacity of 1,918 megawatts that supplies 12% of the country’s energy needs.

“We will push for the necessary policy and regulatory reforms needed to fast-track geothermal energy development in the country,” Marcos said.

“Together with this, we are considering creating a government body that would focus solely on geothermal explorations,” he added.