Philippine businesses are among the world’s most aggressive adopters of electrification, with 97% expecting to electrify their operations by 2035 or earlier, according to a new global survey.

The finding places the Philippines among the top-performing markets in a survey of nearly 2,000 business leaders across 18 countries, ahead of many advanced economies and just behind Indonesia and Nigeria in electrification ambition.

The report, Powering Up: Business Perspectives on Electrification, found that companies increasingly view electrification as a way to strengthen energy security, improve competitiveness, and reduce exposure to fossil fuel price volatility amid ongoing geopolitical tensions.

Globally, 91% of business leaders said electrification would improve energy security, while 79% said geopolitical instability has made their own shift to electrification more urgent. The survey was conducted in April 2026 as concerns over global energy supply disruptions continued to weigh on markets.

Businesses also see economic benefits from the transition. The report found that 88% of respondents believe electrification will make their companies more competitive, while 84% expect it to reduce long-term operating costs.

The Philippines ranked among a group of emerging markets showing particularly strong support for electrification. According to the survey, businesses in Indonesia and Nigeria were the most ambitious globally, with 99% expecting to electrify operations by 2035 or earlier, followed by the Philippines at 97%, India at 96%, and Colombia and South Africa at 95%.

The findings come as the Philippines pushes to expand renewable energy capacity, modernize its power infrastructure, and reduce dependence on imported fossil fuels.

However, the report suggests that policy and infrastructure may not be keeping pace with business demand.

Globally, 72% of business leaders said government policies are moving too slowly to support the pace of electrification companies require, while 69% said businesses are electrifying faster than governments are preparing power systems for.

Grid capacity emerged as a key concern. More than half of respondents cited insufficient grid capacity as a barrier to electrification, while 89% supported investments to expand and modernize electricity networks.

“Businesses today are operating in a structurally more volatile energy landscape, where continued reliance on fossil fuels exposes companies and economies to recurring shocks,” said Dimitri de Vreeze, CEO of dsm-firmenich.

“The transition to renewable energy, and particularly electrification using clean power, is the most pragmatic way to strengthen resilience, improve cost stability and sustain competitiveness. It’s a clear win for people, the planet, and profit.”

José Manuel Entrecanales, chairman and CEO of ACCIONA, said recent energy disruptions reinforce the need to reduce dependence on imported fuels.

“This is not the first fossil fuel crisis, and it will not be the last,” he said. “The lesson is becoming increasingly clear: dependence on imported fuels is a strategic vulnerability and an unnecessary burden on the balance of payments of countries that do not produce fossil fuels.”

Businesses are also increasingly backing renewable energy as the foundation of future power systems. The survey found that 82% of executives globally want their countries powered mainly by renewables-based electricity, while 90% support greater investment in solar energy and 81% support additional onshore wind development.

Maria Mendiluce, CEO of We Mean Business Coalition, said companies are accelerating rather than slowing their energy transition plans.

“This polling points to a profound shift in the global economic landscape,” she said. “Businesses are increasingly seeing electrification as the foundation of future competitiveness, energy security and economic resilience. At a time of geopolitical instability and fossil fuel volatility, companies are not retreating from the transition – they are moving faster toward it.”

The survey was commissioned by E3G, We Mean Business Coalition, and the Global Renewables Alliance. It covered 1,994 executives from medium and large organizations across 18 markets, including the Philippines, and was conducted from April 20 to 26, 2026.

What do you think? Can the Philippines’ power grid and policy framework keep pace with the private sector’s growing appetite for electrification? Join the discussion.

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