The Philippines’ Bureau of Investments (BOI) has approved a total of $24.29b (PHP1.35t) worth of investments from January to mid-September, of which $23.2b (PHP1.29t) are for renewable energy projects.

In a statement, the BoI also identified renewable energy as a key sector that will help drive the country’s growth.

The Department of Energy (DOE), in a separate statement, said this performance was fueled by policies such as lifting of foreign ownership restrictions of most renewable energy projects. The Green Energy Auction Program, which aims to promote transparent pricing and long-term guarantees, was also a key driver in clean energy investment.

Manila has also simplified the application process for renewable energy development, whilst also working with financial institutions to strengthen support for such projects.

As of March 2024, the DOE has awarded a total of 1,327 renewable energy service contracts, with 5.8 gigawatts (GW) already installed and a further potential capacity of about 137.8 GW. Majority of the potential capacities are from solar, hydro and wind accounting for almost 90% of the total clean energy contracts awarded.