A bulk of the foreign investments from January to September 2023 are in renewable energy, says Trade Undersecretary Ceferino Rodolfo. The government removed foreign equity restrictions in the renewable energy sector beginning December 2022.
Two days before President Ferdinand Marcos Jr. flies to Riyadh for his ninth foreign trip of 2023, his administration touted the spike in foreign investments, which it had linked to his numerous presidential overseas visits.
Rodolfo also attributed the spike to “government initiatives” such as the removal of foreign equity restrictions on renewable energy. This was provided under Department of Energy Circular No. 2022-11-0034 dated November 15, 2022, which took effect on December 8, 2022. The circular amended the implementing rules and regulations of the Renewable Energy Act of 2008.
“In the past, we were not a darling of EU countries because of some reasons. But now, when the President said we are open for business, and they see policy reforms in the Philippines, they come in,” he added. nonresident investments in the Philippines from January to July this year dropped by 14.7%, compared to the same period in 2022.
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