Philippines

Philippines

Allows 100% foreign ownership in the renewable energy sector

29 Sep 2022

On 29 September 2022, the Department of Justice (DOJ) opined that investments in the renewable or "green" energy sector are not subject to the Constitution’s foreign ownership restriction of 40%. Accordingly, foreigners can have 100% ownership in this sector.

However, the DOJ noted that appropriation of waters, directly from the source, for power generation purposes should still continue observing the 60-40 equity rule. In addition, according to the DOJ, the Department of Energy (DOE) is already looking into revising the implementing rules and regulations of Republic Act No. 9513, or the Renewable Energy Act of 2008, before considering additional foreign investments in renewables.