Philippines Boosts Renewable Energy Investment through Government Incentives and Partnerships

The Philippines is enhancing its drive to attract foreign investments in the renewable energy sector by leveraging supportive government policies and incentives, a senior British Embassy official said. Lloyd Cameron, economic and climate counsellor at the British Embassy in Manila, highlighted British firms' readiness to invest in the country, emphasizing their search for viable opportunities.

Speaking at a clean energy transmission forum organized by the British Chamber of Commerce Philippines, Cameron noted, "The government has given a strong market signal and you've got really concrete action from the government, whether that's the green lanes or recent developments, the extension of leases, exploring, making right-of-way, facilitating right-of-way issues, and anti-red tape."

He also praised the commitment and innovation of Philippine businesses, stating that they are essential partners in advancing the renewable energy agenda.

Currently, renewable energy accounts for about 22% of the Philippines' energy mix. The Department of Energy (DOE) aims to increase this share to 35% by 2030 and to 50% by 2040. Key measures supporting this growth include easing restrictions on foreign ownership, providing preferential dispatch for renewable energy in the Wholesale Electricity Spot Market, and implementing the Energy Virtual One-Stop Shop (EVOSS) under Republic Act 11234, which simplifies permit processing.

Edward Neri, chief of the DOE's Solar Energy Management Division, highlighted the ongoing Green Energy Auction program, which has been active since 2022. The winners of the fifth auction are expected to be announced in October.

Neri emphasized that these initiatives reflect the government's commitment not only to expanding renewable energy capacity but also to promoting energy efficiency, adopting emerging and advanced market technologies, and developing a resilient energy grid.