Energy Secretary Raphael Lotilla welcomed the Department of Justice (DOJ) opinion that relaxes foreign ownership restrictions in renewable energy sector.
DOJ has opined that exploration, development, and utilization of inexhaustible RE sources are not subject to the 60:40 foreign equity limitation as provided under Section 2, Article XII of the Constitution.
The DOJ also noted that the “appropriation of waters, direct from the source, direct from the source, shall continue to be subject to the foreign ownership restriction in the Water Code.”
Lotilla said the DOJ opinion would attract more foreign investments in the renewable energy sector.
Source : https://bilyonaryo.com/2022/10/02/lotilla-backs-100-foreign-ownership-in-renewable-energy-projects/power/?fbclid=IwAR1uvFMSLk1rKw_9SmSVhsrCkN6OZhCLJOuyKPMzVMr5_wkQmP2QUd2PP98