Philippines saw a dramatic rise in investment, primarily in its RE projects in the first nine months of this year totaling to $24.29 billion-from January to mid-September. Of the total investment, $23.2 billion was allocated to Clean Energy projects, according to the Bureau of Investments (BOI).
For the Philippines, renewable energy forms a mainstream source to stimulate the economy. As stated by the DOEl under recent policy reforms, such as repealing foreign ownership limits on most renewable energy initiatives, made way for more investment in this sector. Another part is the Green Energy Auction Program that “ensures transparent pricing and long-term assurance for investors”.
In addition to that, the Philippines has streamlined its process of applying for renewable energy projects. Furthermore, the government works with financial institutions to give support and green energy project financing.
As of March 2024, the DOE has publicized 1,327 renewable energy service contracts. The country is also installed with approximately 5.8 GW of renewable energy capacity and holds 137.8 GW in identified potential capacity. It is clear that solar, hydro, and wind account for almost 90% of these, indicating a high concentration of these forms of energy.
These initiatives place the Philippines as a regional trend setter in renewable energy in meeting both environmental and energy objectives.
