The Department of Energy released the draft amendments to the implementing rules and regulations of the Renewable Energy Act which will pave the way for the lifting of the 40-percent equity limit on foreign investors, an official said Friday.
Energy assistant secretary Mylene Capongcol said they were hoping that final amendments to the IRR would be signed within the year. She said the draft IRR was already published for comments, with the deadline for submission of comments set on Oct. 21 and public consultations to be held on Oct. 24.
“That is consistent with DOJ [Department of Justice]. So we emphasized there that the government can agree to the service contract with Filipino corporations and/or foreign corporations,” Capongcol said at the sidelines of the Norway-Philippines Maritime and Energy Conference.
The DOJ issued a legal opinion on Sept. 29 that the exploration, development, and utilization of inexhaustible renewable energy sources are not subject to the 60:40 foreign equity limit as provided under Section 2, Article XII of the Constitution.