The Department of Energy (DOE) has amended its Implementing Rules and Regulations (IRR) of the Renewable Energy Act of 2008, allowing for 100 per cent foreign ownership for upcoming renewable energy (RE) projects in the country.
As of December 2022, foreign companies can now explore, develop, produce RE as well as award contracts for services and operations. Prior to the amendment, foreign ownership in RE projects was capped at 40 per cent, with the remaining 60 per cent share to be owned by Philippines-based companies.
This move grants the Government of the Philippines a larger pool of capital to meet its net-zero targets.
