Allows 100% foreign ownership in the renewable energy sector.

On 15 November 2022, the Department of Energy (DOE) revised the foreign investment negative list to open the renewable energy sector to full foreign ownership (currently subject to a 40% cap). The amendment enables foreign citizens or foreign-owned entities to engage in the exploration, development, and utilization of the country’s renewable energy resources, such as solar, wind, biomass, ocean or tidal energy. This will take effect 15 days upon publication in two newspapers of general publication and filing with the University of the Philippines Law Center-Office of the National Administrative Register. The DOE is trying to increase the share of renewable energy in the Philippine energy mix to 35 percent by 2030 and 50 percent by 2040.

• Type:

  • Entry and establishment (Ownership and control)

• Industry:

  • Services (Electricity, gas, steam and air conditioning supply, Other service activities)

• Sources:

  • Government of Philippines, DOE readies amendments to Renewable Energy Act, https://www.pna.gov.ph/articles/1187322, 15 Nov 2022
  • Government of Philippines, RE not covered by constitutional limitation on foreign ownership, https://www.pna.gov.ph/articles/1185710, 09 Nov 2022
  • philstar, DOE seeks revision of foreign investment negative list, https://www.philstar.com/business/2022/11/21/2225209/doe-seeks-revision-foreign-investment-negative-list, 21 Nov 2022