The Philippines is one of the targeted countries for foreign investors to invest in renewable energy projects. Consequently, several companies have urged the country to lift the foreign equity limit in the clean energy sector.
Companies from countries like Denmark and Norway who have experience in offshore wind projects are also part of this enthusiasm.
“The good news is there is strong interest from foreign investors to enter and invest in renewable energy projects here in the Philippines, provided that we are able to increase the equity or ownership for foreigners,” Energy Secretary Raphael Lotilla said.
According to Phil Star, the Department of Energy (DOE ) recently received a favorable development on the opening of foreign investments in renewable energy through a legal opinion provided by the the Department of Justice (DOJ).
Currently, the DOE is preparing the necessary amendments to address the implementing rules and regulations (IRR) on the subject of foreign equity limitation.