“I am confident that this trend will continue as we reaffirm to prospective investors the openness of our economy to foreign and local investors and assure them of the continued stability of our legal framework, especially in the upstream oil and gas sector,” Energy Secretary Raphael Lotilla said during Tuesday’s investment forum.
“With these developments, we encourage investors to join us in steering the energy industry toward a cleaner, greener, reliable, and more sustainable future,” he said.Lotilla said among the policies issued by the DOE is opening renewable energy to 100 percent foreign ownership based on a recent opinion by the Department of Justice.
“The circular emphasized that the following activities will be reserved to Filipinos or corporations with at least 60 percent Filipino ownership, particularly the appropriation of water direct for a natural resource based on Presidential Decree No. 1067 and the exploration, development, and utilization of geothermal resources except for financial or technical assistance agreements,” Lotilla said.
He said also DOE increased the Renewable Energy Portfolio Standards from one percent to 2.52 percent, increasing RE utilization in on-grid areas. Lotilla said the government’s commitment to preserve and maintain the investment incentives for service contractors under Presidential Decree No. 87 had been met with renewed confidence and strong interest by local and foreign investors in the oil and gas sector.
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