By Brian Campued
The Philippines has risen to 2nd place among the most attractive emerging markets for renewable energy (RE) investments, based on the 2024 Climatescope report by BloombergNEF.
“This achievement marks a significant leap forward for the country, which ranked fourth in the previous year,” the Department of Trade and Industry (DTI) said in a statement.
This also marked a big jump from 30th spot in 2021 and 12th spot in 2022.
The Climatescope report evaluates renewable energy transition efforts and market attractiveness of 110 emerging markets, covering 83% of the global population.
The Philippines has a power score of 2.65, surpassing the Asia-Pacific regional average of 1.94 and putting it in 2nd place in the region.
DTI Sec. Cristina Roque attributed the country’s performance to the government’s efforts in attracting investors through tax incentives and easing of foreign ownership restrictions in the RE sector—a testament to its “growing reputation as a prime destination” for RE investments.
The DTI chief cited the recently signed Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, which enhances tax incentives to make the country more globally competitive and investor-friendly.
“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,” Roque said.
Meanwhile, the Department of Energy (DOE) also welcomed the latest results of the Climatescope Report that reflect the “growing confidence of the global community in the country’s commitment to clean energy transition and sustainable growth.”
“This recognition inspires the DOE to further intensify its efforts in achieving our renewable energy goals, ensuring that our nation remains a global beacon of progress in the energy transition,” it stated.
This is further underscored by the implementation of comprehensive renewable energy policies, such as auctions, net metering schemes, as well as the government’s target of incorporating 35% RE in the national power mix by 2030.
The DOE is also working on accelerating RE development—aiming to unlock greater investments in solar, wind, and hydropower—to address growing demand for energy and the country’s expanding economy.
“Significantly, while most of the renewable energy investment is domestic, we look forward to realizing the potential of increased foreign participation through recent reforms that allow 100% foreign equity in renewable energy projects,” the agency said.
-av