Makati City, Philippines—The Department of Trade and Industry (DTI) lauded the Philippines’ rise to second place in the global ranking of the most attractive emerging renewable energy (RE) investment markets, based on the 2024 Climatescope report released by BloombergNEF. This achievement marks a significant leap forward for the country, which ranked fourth in the previous year.

The Climatescope report highlighted the Philippines’ strong economic stance, awarding it an overall score of 2.65 over 5 across three parameters: fundamentals, opportunities, and experience. This performance was largely attributed to the government’s implementing attractive investor incentives and easing foreign ownership restrictions in the sector.

“This recognition demonstrates the effectiveness of our efforts to establish a solid foundation for renewable energy development, which boosts our country’s growing reputation as a prime destination for renewable energy investments,” said DTI Secretary Cristina A. Roque.

“Under President Marcos Jr.’s ‘Bagong Pilipinas’ agenda, we have been able to position the Philippines among the emerging markets through progressive policy reforms and strategic incentives. Indeed, these initiatives attract local and foreign investments and create a conducive environment for the growth and expansion of the renewable energy sector,” the trade chief added.

Building on the CREATE law, President Ferdinand R. Marcos Jr. recently signed Republic Act No. 12066 or the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act. This enhances the country’s tax incentives to make it more globally competitive, investor-friendly, predictable, and accountable.

Aligned with the government’s investment and sustainability priorities, the Board of Investments’ (BOI) One-Stop Action Center for Strategic Investments (OSAC-SI) has also been instrumental in fast-tracking investments in the RE sector.

As of November 2024, the BOI, an attached agency of the DTI, has approved a total of PHP 1.58 trillion in investment pledges, of which PHP 1.35 trillion are in the renewable energy sector.

Relevantly, the BOI also granted green-lane access to Buhawind Energy Philippines, a joint venture between PetroGreen Energy Corp. and Denmark’s Copenhagen Energy. This green-lane access applies to Buhawind’s three offshore wind power projects, which have an aggregate target installed capacity of 4,000 gigawatts.

Representing an investment amount of PHP 694 billion, these projects will soon be operational in Northern Luzon, Northern Mindoro and East Panay. Aside from boosting the country’s renewable energy capacity, the projects are expected to generate over 50,000 jobs for Filipinos throughout their construction and operation phases.

“The Philippines is open for business and committed to supporting investors in the renewable energy sector. We are confident that the country will continue to attract significant investments and emerge as a leader in renewable energy in the region, Secretary Roque reaffirmed.

“These achievements reflect the collaborative efforts of the government, private sector, and our international partners in driving sustainable economic growth and ensuring a cleaner energy future for the Philippines,” said the trade secretary. ♦

Date of release: 10 December 2024

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