ECCP urges gov't to ease restrictions in renewable energy investments

ABS-CBN News

Posted at Dec 09 2021 11:55 AM

A cyclist passes by Wind Mills at the Pililla Wind farm in Rizal, March 5, 2018.
A cyclist passes by Wind Mills at the Pililla Wind farm in Rizal, March 5, 2018. Jonathan Cellona, ABS-CBN News/File

MANILA - The government should make it more "accessible" for foreign companies to invest in the country's renewable energy space, an official of the European Chamber of Commerce in the Philippines said Thursday.

More foreign investments in renewable energy such as wind or solar will result in lower prices and more jobs, ECCP president Lars Wittig told ANC.

The Philippines should lift restrictions in the industry as investors are "so ready" to come in, he said.

"Wind energy, solar energy, I see no reason why foreign companies should not be allowed to make these investments... Allow these entrants and we will see good things happen," Wittig said.

The Philippines has recently enacted the CREATE law, which lowers corporate income taxes.

Although foreign investment plunged in the third quarter, it is still up in a year to date basis, Wittig said.

He said the Philippines and EU should also focus on free trade agreements.

According to the latest data, the country booked $812 million in net inflows of foreign direct investments in August.

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