President Ferdinand R. Marcos Jr. of the Philippines announced that the amendments made to the Renewable Energy (RE) Act of 2008, allowing complete foreign ownership in RE projects, have significantly accelerated the country’s pursuit of clean energy objectives.
During his second State of the Nation Address (SONA), the President revealed that the Department of Energy (DOE) has awarded 126 RE contracts with a combined potential capacity of 31,000 megawatts since the previous year.
He emphasized the nation’s strong commitment to promoting renewables, aiming for a 35% share of renewable energy in the power mix by 2030 and a further increase to 50% by 2040.
To expedite the achievement of these green energy goals, the government has facilitated foreign investments in renewable energy projects. The recent legal opinion from the Department of Justice (DOJ) has led to amendments in the implementing rules and regulations of the Renewable Energy Act, enabling foreign investors to have full ownership of RE projects in the country.
President Marcos highlighted the wide-ranging impact of these initiatives, with over a thousand active projects encompassing solar, wind, hydroelectric, biomass, geothermal, and ocean-powered sources spread throughout the nation.