Philippines: DOE Amends RE Act Implementing Rules and Regulations to Allow Full Foreign Equity in RE Projects
This development follows the September 2022 Opinion of the Department of Justice that the exploration and development of solar, wind, hydro and ocean or tidal energy should NOT be subject to the forty percent (40%) foreign equity limitation under the Constitution. It must be noted, however, that the nationality restriction continues to apply to the exploration, development and utilization activities that appropriates water direct from a natural source, and geothermal resources (except those covered by financial or technical assistance agreements for large-scale exploration, development and utilization of geothermal resources).
DOE DC No. 2022-11-0034 is expected to be published by the fourth week of November 2022. It shall take effect fifteen (15) days upon its publication in two (2) newspapers of general publication and filing with the University of the Philippines Law Center – Office of the National Administrative Register.
The information provided here is for information purposes only, and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.
Contact
Partner, Ocampo & Suralvo Law Offices
[email protected]
www.ocamposuralvo.com
Read more about DFDL in the Philippines
The post Philippines: DOE Amends RE Act Implementing Rules and Regulations to Allow Full Foreign Equity in RE Projects appeared first on DFDL.
Link to article