“The country has a vast potential in RE development. Now that the foreign equity restriction in the RE sector has been relaxed, we expect an increase of investments in the sector which would certainly contribute to our economy, provide jobs to our people and help meet the goal of increasing the RE in the power generation mix of 35 percent by 2030 and 50 percent by 2040,” said Lotilla in a statement.
All forces of energy, it had said, should be interpreted to exclude “kinetic energy” or energy in motion.As explained by the DOJ, RE resources including solar, wind, hydro and ocean or tidal energy are considered kinetic energy, while potential energy is called energy at rest. Lotilla stressed that the appropriation of waters directly from the source would continue to be subject to the foreign ownership restriction in the Water Code.Further, Rule 6, Section 19 of the IRR of the RE Law stipulates that “the exploration, development, production and utilization of natural resources shall be under the full control and supervision of the State”.