THE Joint Foreign Chambers targets to generate $128 billion worth of foreign direct investments by 2030, and noted that majority of these might be poured into the Energy sector.
On the “game-changing” liberalization reforms long-advocated for by the seven business groups and its partner Philippine business groups, the JFC said these are: the amendments to the Foreign Investments Act, Retail Trade Liberalization Act, and Public Service Act. On top of the above-mentioned key reforms that will attract investments, the seven foreign chambers hailed the opening up of the renewable energy sector to more foreign investments through a recent legal opinion by the Department of Justice and the amendment of the IRR of the Renewable Energy Act of 2008.
In a separate statement issued on the same day two weeks ago, the Makati Business Club , a Philippine business group, also lauded Department of Energy Secretary Raphael P.M. Lotilla and his team at the DOE for issuing the circular. “With the impressive amount of interest the DOE has been receiving both from the local and foreign investors in RE development, particularly in the offshore wind potential, the State can now directly undertake the exploration, development, production and utilization of RE resources or it can enter into RE Service or Operating Contracts with Filipino and/or foreign citizen or Filipino and/or foreign-owned corporations or associations,” the DOE secretary said two weeks ago.