Renewable energy and power projects in the Philippines have attracted PHP 74.2 billion in investment from Association of Southeast Asian Nations (ASEAN) countries since 2020, significantly supporting the nation’s clean energy transition, the Board of Investments (BOI) reported Tuesday.

While ASEAN investments in Information and Communications Technology (ICT) lead overall, the power sector—including renewable energy—stands as a vital recipient, highlighting growing regional confidence in the Philippines’ sustainable energy development.

Most of the funding came from Singapore with PHP246 billion in approved projects, followed by Thailand with PHP 4.34 billion, Malaysia with PHP 1.7 billion, and Indonesia with PHP12.27 million.

Together, the investments are expected to generate 15,358 jobs for Filipinos between 2020 and July 2025.

“The BOI-approved projects from ASEAN investors, particularly those in the Information and Communication and the Renewable Energy sectors, align with the Philippines’ push for smart and sustainable manufacturing and services,” BOI Executive Director Evariste Cagatan said.

Trade Secretary and BOI Chair Cristina Roque said the figures underscore growing confidence from regional partners and highlight the government’s efforts to create a predictable and welcoming environment for investors.

“As we build stronger trade and investment ties with our ASEAN neighbors, these numbers reflect the growing confidence of foreign investors in the Philippines as a place for business growth. We will keep working to create a stable and welcoming business environment, one that brings in more investments and opens up real opportunities for Filipinos,” she said.

Will a surge in ASEAN-backed energy projects help secure the Philippines’ clean power transition?

 Follow Power Philippines on Facebook and LinkedIn or join our Viber community to stay up to date on the latest energy news.