The Philippines' emergence as one of the most attractive investment destinations in the power sector is attributable to the synergies and whole-of-government approach in implementing energy policies and programs.

Assistant Secretary of Energy Mylene Capongcol welcomed the BloombergNEF Climate 2023 report over the weekend, which ranked the Philippines among the top 5 most attractive emerging markets for investments in the power sector.

After making substantial progress in transitioning to renewable energy, or RE, over the last two years, the Philippines moved up six spots to No. 4, following India, China and Chile.

The report released recently stated that the Philippines stood out as one of the few implementing auctions, feed-in-tariffs, net metering schemes, tax incentives, and a strong target for renewable energy.

It also highlighted the Department of Energy or DoE's second green energy auction, during which it awarded 3.4 gigawatts of renewable energy capacity, of which 1.2 GW was allocated for ground-mounted, rooftop solar, and onshore for 2024 to 2025 and 2.2 GW for 2026.

The report also noted the country's release of an offshore wind roadmap and the removal of foreign ownership restrictions, which stimulated growth in offshore wind investment.

It also cited the country's clean energy investment, which increased by 41 percent from 2021 to 2022, reaching $1.34 billion.

To date, renewable energy accounted for 29 percent of the country's installed capacity and 22 percent of its gross power generation. The DoE aims to increase the share of renewable energy in the power generation mix to 35 percent by 2030 and 50 percent by 2040.