Beijing, China
January 5, 2023

President Ferdinand R. Marcos Jr. continued his roundtable meetings with Chinese business executives on the final day of his State Visit to the People’s Republic of China.

The second roundtable discussion involved selected Chinese companies in the renewable energy (RE) sector.

With the Philippines lifting its foreign ownership restrictions on RE projects following the Department of Energy’s amendment of the Implementing Rules and Regulations (IRR) of the Renewable Energy Act of 2008, Chinese companies have responded positively to the Philippines’ policy direction and conveyed interest to invest in RE projects to help the country realize its goals under the National Renewable Energy Program (NREP) 2020-2040.

The NREP 2020-2040 sets a target of 35% share of renewable energy in the power generation mix by 2030 and 50% share by 2040.

The Renewable Energy Act of 2008 (Republic Act No. 9513) provides the framework for the development, utilization and commercialization of renewable energy sources, defined as resources that can be replenished regularly and are available indefinitely. These include biomass, solar, wind, geothermal, ocean energy, hydropower and other emerging renewable energy technologies.

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