THE Board of Investments (BoI) said renewable energy (RE) investments could account for a third of its P1.5 trillion target for investment approvals.
BoI Chairman and Trade Secretary Alfredo E. Pascual told reporters last week that other significant investments are expected to be made in related industries like solar cell manufacturing.
“We are also talking to other renewable energy projects, but these are for manufacturing products for renewable energy projects,” Mr. Pascual said.
The BoI is hoping to exceed the P729 billion worth of investments it approved last year.
Mr. Pascual said that many investors are interested in renewable energy projects in the Philippines, including those from Europe, the US, China, Australia, and Japan.
As of May 18, the BoI has approved P532.27 billion worth of investments involving 106 projects.
The investments approved so far are also expected to generate 18,883 jobs.
BoI Managing Head Ceferino S. Rodolfo has said that renewable energy projects accounted for the bulk of the agency’s investment approvals, citing a recent government decision to allow full foreign ownership in the industry.
“Most of the projects registering with us are renewable energy projects. The Department of Energy (DoE) is no longer endorsing coal-fired power plant projects,” Mr. Rodolfo said.
The DoE issued Department Circular No. 2022-11-0034 in November last year allowing 100% foreign ownership. Prior to the circular, the foreign ownership limit was 40%. — Revin Mikhael D. Ochave