In order to meet its target of having renewable energy account for 50% of the power generation mix by 2040, the Philippine power sector will require PHP 5.8 trillion worth of investments.
The said investments will help the country reach its RE target account.
In a report by GMA News, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said that the country needs more foreign direct investments in its renewable energy sector.
Balisacan said that these investments will contribute to a more sustainable and resilient energy system, leading to the country’s socioeconomic status transformation.
Recently, the Department of Energy (DOE) amended the implementing rules and regulations (IRR) of the Renewable Energy Act of 2008, allowing foreign investors and companies to engage in the country’s RE sector.
To reduce the power costs across the country, the government also seeks modification to the Electric Power Industry Reform Act (EPIRA).