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DOE looks to amend Renewable Energy Act as DOJ tackles 60-40 foreign investment rule

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Foreigners may now own 100% of projects in the renewable energy market after the DOJ granted an exemption from the 60-40 foreign investment rule.

rule where at least 60% of a Philippine business should be owned by a Filipino citizen, while the rest can be owned by the foreign investor.

“The intent of the constitutional foreign ownership restriction was to preserve for Filipinos limited and exhaustible resources,” the DOJ added. “The DOE is preparing the necessary amendments to Rule 6, Section 19 of the IRR of the RE Law,” Lotilla said in a statement.

 

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