Nearly the entire PHP470 billion worth of approved foreign direct investments (FDIs) this year will be tapped for renewable energy (RE) projects, the Department of Trade and Industry (DTI) said Tuesday.

DTI Undersecretary Ceferino Rodolfo said foreign companies and investors from the European Union (EU) want to provide capital for RE development in the Philippines.

Rodolfo said the past overseas trips of President Ferdinand R. Marcos Jr. boosted the RE sector.

“By the nature of the PHP427 billion, I would say about 90 percent of that have been in the sector of renewable energy at saka galing sa (and will come from) EU countries. So, we are counting that really as having been significantly related to the visitS of the President,” Rodolfo said during the Palace briefing.

“Napakalaking bagay noon kasi makikita ninyo ngayon ‘yung resulta noong mga pumapasok ho sa atin, madami ho doon sa binanggit kong PHP427 billion worth of foreign projects are actually in the renewable energy sector, tapos marami ho doon nanggagaling sa (It’s a big thing because now, you can see the result in the investments, many of the PHP427 bilion worth of foreign projects that I mentioned are actually in the renewable energy sector, and many of them come from) Europe,” he added.

Rodolfo said several foreign companies were enticed to invest in the RE sector because of the administration’s policies and initiatives aimed at fostering a business-friendly environment.

He noted there was no “big player” in the RE sector, until foreign equity restrictions were eased.

“Actually, hanggang ngayon naman, kapag pumapasok ‘yung mga [foreign] investor natin sa RE, mayroon pa ring local partner. Ang kaibahan lang, puwede na silang pumasok as majority owner, ‘yun ‘yung naging kaibahan (until now, when our foreign investors invest in RE, they still have a local partner. The only difference is, they can enter as majority owner, that’s the difference),” Rodolfo said.

“Napakalaki kasing bagay noon eh, ‘yung (That’s a big thing, the) removal of the foreign equity restriction on renewable energy. Kaya kitang-kita mo ‘yung (You will see the) direct correlation between when the Department of Energy, as instructed by the President, removed that. Kita mo kaagad ‘yung pasok ng mga foreign investment doon (You will immediately notice the foreign investments there).”

During the 10th Asia Summit in Singapore on Sept. 13, Marcos said the Philippines is open to full foreign ownership of RE projects, prodding foreign business leaders to invest in the particular power sector. (PNA)