The Philippines ranked second in the global ranking of the most attractive emerging renewable energy (RE) investment markets, based on the 2024 Climatescope report released by BloombergNEF.

Based on the report, it highlighted the Philippines' strong economic stance, awarding it an overall score of 2.65 over 5 across three parameters: fundamentals, opportunities, and experience.

The performance was largely attributed to the government’s implementing attractive investor incentives and easing foreign ownership restrictions in the sector.

The Department of Trade and Industry (DTI) lauded this, stating that the achievement marks a significant leap forward for the country, which ranked fourth in the previous year.

"This recognition demonstrates the effectiveness of our efforts to establish a solid foundation for renewable energy development, which boosts our country’s growing reputation as a prime destination for renewable energy investments," said DTI Secretary Cristina A. Roque on Tuesday.

"Under President Marcos Jr.’s ‘Bagong Pilipinas’ agenda, we have been able to position the Philippines among the emerging markets through progressive policy reforms and strategic incentives. Indeed, these initiatives attract local and foreign investments and create a conducive environment for the growth and expansion of the renewable energy sector," the trade chief added.

Building on the CREATE law, President Ferdinand R. Marcos Jr. recently signed Republic Act No. 12066 or the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.

The said enhances the country's tax incentives to make it more globally competitive, investor-friendly, predictable, and accountable.