A group of developers said over the weekend lifting the 40-percent foreign ownership limit on renewable energy would pave the way for much-needed investments.
“We welcome the developments on the renewable energy sector. This will open up more opportunities for much-needed foreign investments and transfer of RE technologies to the Philippines. This hopefully addresses the need for more power supply utilizing only indigenous RE resources to ensure the country’s economic development,” Developers of Renewable Energy for AdvanceMent Inc. president Jay Layug said.
DREAM is an organization of renewable energy associations launched in January 2019 whose core objective is to push for policy reforms to help attain the country’s RE targets.
Senator Sherwin Gatchalian expects the number of RE investments to rise substantially following a Department of Justice opinion that natural resources, including solar, wind, hydro and ocean or tidal energy are not covered by the constitutional limitation on foreign ownership.
This is hinged on amending the implementing rules and regulations of Republic Act No. 9513 or the Renewable Energy Act of 2008.
