The Department of Energy (DOE) is working on the necessary amendments in the renewable energy (RE) law following the legal opinion of the Department of Justice declaring that RE is not subject to the 60:40 rule on foreign ownership.
The Department of Energy is working on the necessary amendments in the renewable energy law following the legal opinion of the Department of Justice declaring that RE is not subject to the 60:40 rule on foreign ownership.
“We believe that the EDU [exploration, development, and utilization] of solar, wind, hydro and ocean or tidal energy should not be subjected to the 40-percent foreign equity limitation under Section 2, Article XII of the Constitution because such energy resources are beyond the ambit of the term ‘natural resources’ as used in the said Section and that the term ‘all forces of potential energy,’ also mentioned in the said Section is to be understood in its technical sense, which necessarily...
The DOJ also noted that the “appropriation of waters, direct from the source, for power generation” shall continue to be subject to the foreign ownership restriction in the Water Code. Generation plants for the conversion of hydro power are open to foreign ownership. The DOE also said that the opinion accelerates the attainment of President Ferdinand Marcos Jr.’s programs to develop the country’s indigenous and renewable energy.
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