The Department of Trade and Industry (DTI) is doubling down on its efforts to attract renewable energy (RE) investments to the Philippines, positioning the sector as a critical driver of sustainable growth and environmental stewardship.
With approved investments for 2024 already surpassing the P1.5-trillion target and reaching an impressive P1.62 trillion, the Philippines is signaling its readiness to become a major player in the green energy landscape.
“The future of the Philippine economy is deeply intertwined with the growth of our renewable energy sector,” said DTI Secretary Ma. Cristina Roque. “As we transition to a more sustainable and inclusive future, attracting green investments will be critical to achieving our goals.”
2040 vision
Renewable energy is a central pillar of the country’s 2040 vision for economic growth. The Philippines is committed to increasing its renewable energy mix to 35 percent by 2030 and 50 percent by 2040.
“Our long-term strategy is clear—we must transition to renewable energy sources not only to combat climate change but to ensure a stable, sustainable energy future for the nation,” Roque said.
The Philippines’ abundant solar, wind and geothermal resources make it an attractive destination for green energy investments.
“With its natural resources, the Philippines is uniquely positioned to become a leader in offshore wind and solar energy,” Roque said. “This is a key area where we are eager to collaborate with global partners, particularly the UK, who bring expertise and investment in these crucial sectors.”
Green investment
The DTI is implementing a multi-pronged strategy to attract renewable energy investments, focusing on improving the business climate and offering competitive incentives. The Strategic Investment Priority Plan (SIPP) plays a crucial role, providing attractive incentives for sustainable projects, including those in renewable energy.
“The SIPP provides enhanced incentives for investments that promote sustainability and environmental protection,” Roque said. “We are committed to making the Philippines a top destination for renewable energy investments by ensuring businesses in this sector receive the support they need to thrive.”
The DTI is also streamlining business processes and utilizing digital tools to facilitate foreign investor entry.
Powering growth
Roque underscores the importance of public-private partnerships (PPPs) in scaling up infrastructure projects, particularly in renewable energy. The revised PPP Code provides a more stable and transparent framework for collaboration, simplifying the financing and implementation of green energy projects.
“Through these efforts, we aim to attract more investments into renewable energy infrastructure, driving not only economic growth but also the nation’s environmental resilience,” Roque adds.
Green workforce
Recognizing the importance of skilled labor, the DTI is investing in training programs to equip Filipinos with the skills needed for the green energy sector.
“The key concern for many investors is talent,” Roque notes. “We are committed to upskiling our workforce to meet the needs of the renewable energy industry, ensuring that we have the necessary technical expertise to support the growth of green projects.”
Catalyst for investment
The CREATE More Act is a key enabler of the country’s push for renewable energy investment, enhancing fiscal incentives for foreign investors.
“Under the CREATE More Act, we have introduced tax holidays, duty exemptions, and streamlined regulations to make it easier for investors to bring their capital into the Philippines, especially in sectors like renewable energy,” Roque said.
The law also amends the National Internal Revenue Code, creating a fairer tax system that encourages sustainable investments in renewable energy and related sectors. With these strategic initiatives, the DTI is paving the way for a greener, more prosperous future for the Philippines.