Manila, Sept. 24 -- An executive from a renewable energy firm has expressed optimism for the growth of the Philippines' geothermal energy sector following the establishment of the PHP10-billion Philippine Geothermal Resource De-risking Facility (PGRDF).

The facility is concessionally funded by Manila-based Asian Development Bank (ADB), which will provide financing for geothermal energy exploration, either through grants or loans depending on the results of the exploration activities.

Under the proposed Department of Energy (DOE) Circular, which will be opened for public consultation, 50 percent of the total eligible exploration costs will be funded by the facility, while the remaining half will be shouldered by the energy firm.

First G...