August 23, 2023
THE country's renewable energy sector has drawn more interest from European investors after the government removed the foreign ownership limits on RE projects, the European Chamber of Commerce of the Philippines (ECCP) chief said.
In an exclusive interview with The Manila Times, ECCP President Paulo Duarte said the RE sector is one of the key areas where the Europeans recently showed "strong interest."
This came after the amendments to the Public Service Act (PSA) started to take effect in April 2023, which lifted restrictions on essential public services and allowed 100 percent foreign ownership of businesses.
Duarte pointed out that the full liberalization of the RE sector and the recent "roadshow" of Trade Secretary Alfredo Pascual in Europe attracted foreigners to invest in solar, wind and hydro systems in the Philippines.
"This was probably the key area where the investors were informed about the recent amendments in the law, and this captured our eyes, especially on the wind sector and solar (sector)," he said.
"I think we will have good investments from [the] European side coming over," the ECCP president added.
With the amendments to the PSA, Duarte said telecommunications, railways and maritime have also become promising investments for Europeans.
He noted that the business process outsourcing (BPO) and electronics industries continue to draw in Europeans and other foreign investors, making them the "key pillars" of the Philippine economy.
Duarte said the Philippines offers a lot of opportunities for European investors, but the macroeconomic environment must be favorable for them.
On Tuesday, the ECCP signed a memorandum of agreement (MoA) with The Manila Times, which will provide the former with a space in the weekly columns of the newspaper's business section.
The partnership deal also offers the ECCP media coverage for its events while giving the publication the option to become a media partner for the foreign chamber's flagship events.
Along with Duarte, TMT President and Chief Operating Officer Blanca Mercado and ECCP Executive Director Florian Gottein spearheaded the MoA signing.