The government of the Philippines is restructuring a development policy to allow 100 percent foreign ownership of renewable-energy projects, the Manila Bulletin reported on July 12.
The current policy mandates Filipinos to own 60-percent interest in renewable projects, with foreign investors allowed the remaining 40 percent.
According to the Manila Bulletin, the 60:40 sharing deal had long been viewed as a limiting factor on capital flow between foreign firms and renewable-energy projects in the Philippines.
Energy Secretary Alfonso Cusi revealed that the main focus will initially be on geothermal, although the Philippines is also pursuing renewable developments in other sectors, such as hydro, solar, wind, biomass, waste-to-energy and ocean thermal-energy conversion.