Philippines courts investors for 98-GW energy potential

SINGAPORE — The Philippines is looking to unlock nearly 98 gigawatts (GW) of untapped renewable energy potential to boost domestic power supply and reduce dependence on volatile global fuel markets, with the government pushing for clearer regulations and faster project approvals to attract investors.

Energy Secretary Sharon S. Garin said the country has around 25 GW of untapped hydropower, two GW of additional geothermal potential and 71.3 GW of offshore wind potential, which provides significant opportunities for new power investments.

Speaking at the 10th Singapore–International Energy Agency (IEA) Forum on Tuesday, Garin said harnessing these resources would help the country meet rising electricity demand while strengthening long-term energy security.

Renewables already account for more than a quarter of Philippine electricity generation, equivalent to about 32 terawatt-hours in 2025.

To sustain the trajectory, the government mapped out a plan to increase its share to 35 percent by 2030 and 50 percent by 2040, supported by investments in hydropower, geothermal, offshore wind, solar and energy storage systems.

However, converting the country’s vast renewable energy potential into operating power plants will require substantial capital and a predictable investment environment.

Garin stressed that power plants, transmission lines, and submarine cables take years to develop and billions of dollars to finance, which makes policy stability critical to securing long-term investments.

“Investors commit to that horizon when they see policy continuity, transparent rules, credible timelines, and a government that understands the realities of project development,” Garin said.

To address these concerns, the Department of Energy (DOE) is streamlining permitting procedures through the Energy Virtual One-Stop Shop (EVOSS), which aims to provide developers with greater visibility over project approvals and implementation timelines.

Garin said the DOE would continue working to provide regulatory certainty from initial project applications until power facilities begin operating.

Still, she emphasized that expanding renewable energy capacity must be matched with dependable generation sources to maintain electricity supply when solar and wind output fluctuates.

“No single fuel or technology can deliver energy that is clean, reliable, and affordable all at once. Resilience comes from a balanced mix in which each source does what it does best,” she said.

As part of this strategy, the DOE is preparing the country’s first mid-merit natural gas capacity auction, targeting 3,840 megawatts of gas-fired capacity across Luzon and Visayas.

The planned auction is expected to provide flexible generation capacity to support renewable energy integration and strengthen power reliability.

Garin also cited an estimated 222 billion cubic feet of natural gas discovered at the Malampaya East-1 and Camago-3 wells, equivalent to more than 14 billion kilowatt-hours of electricity.