Statement on Renewable Energy

17 November 2022 — The Makati Business Club congratulates Secretary Raphael P.M. Lotilla and his team at the Department of Energy (DOE) for the promulgation of Department Circular No. 2022-11-0034, which prescribes new implementing rules and regulations (IRR) for Republic Act (RA) No. 9513, otherwise known as the Renewable Energy (RE) Act of 2008. This effectively removes foreign ownership restrictions on the harnessing of renewable energy.

The International Energy Agency (IEA) said that the most effective way to reduce energy prices for consumers is to invest in and shift to renewable energy in the long term and lessen reliance on oil overtime. This is a timely reform given the global shift towards renewable energy to rely less on the currently volatile oil market. We also look forward to the job creating investments this reform will bring.

“Because of our limited generation capacity, investments in RE will make us leapfrog to a power mix that is lower-cost, better for the environment, and even win us a slice of the industry,” MBC Executive Director Francisco Alcuaz Jr. said.

We continue to support the DOE’s goal of increasing the share of renewable energy in the Philippine energy mix to 35 percent by 2030 and 50 percent by 2040. (END)