Editing Economy of the Philippines (section)

=== Renewable energy resources ===
{{Main|Renewable energy in the Philippines}}
[[File:BulacanSol 126.jpg|thumb|Solar module installation in [[Bulacan]]]]

The Philippines has significant [[solar power in the Philippines|potential in solar energy]]; however, {{as of|2021|lc=y}}, most of the domestically produced electricity is based on fossil fuel resources, particularly coal.<ref>{{Cite journal |last1=Overland |first1=Indra |last2=Sagbakken |first2=Haakon Fossum |last3=Chan |first3=Hoy-Yen |last4=Merdekawati |first4=Monika |last5=Suryadi |first5=Beni |last6=Utama |first6=Nuki Agya |last7=Vakulchuk |first7=Roman |date=December 2021 |title=The ASEAN climate and energy paradox |journal=Energy and Climate Change |volume=2 |page=100019 |doi=10.1016/j.egycc.2020.100019 |hdl-access=free |hdl=11250/2734506}}</ref><ref>{{Cite AV media |url=https://www.youtube.com/watch?v=j5Nnj4z45vE |title=Series of Economic Fora Session 6: Energy Services and Renewable Energy in the New Normal |publisher=[[Department of the Interior and Local Government]] (Philippines), [[Center for Research and Communication]]}}</ref> The country produced {{convert|7399|MW}} of renewable energy in 2019.<ref name="DOEGovPH-2019Power" />

On November 15, 2022, the [[renewable energy]] sector was granted the ability to operate with 100 percent foreign ownership, an increase from the previous 40 percent limit. This change allows for the infusion of foreign capital into the renewable energy (RE) industries. The [[Department of Energy (Philippines)|Department of Energy]] is targeting an increase in the share of renewable energy in the country's power generation mix, aiming for 35 percent by 2030 and 50 percent by 2040, up from the current 22 percent.<ref>{{Cite news |title=DOE opens RE for full foreign ownership |url=https://mb.com.ph/2022/11/16/doe-opens-re-for-full-foreign-ownership/ |access-date=November 16, 2022 |work=[[Manila Bulletin]]}}</ref> Danish firm [[Copenhagen Infrastructure Partners|Copenhagen Infrastructure Partners (CIP)]] is investing US$5&nbsp;billion to develop three offshore wind energy projects with a potential capacity of {{convert|2000|MW}}; it will be located in [[Camarines Norte]] and [[Camarines Sur]] (1000 MW), [[Northern Samar]] (650 MW), [[Pangasinan]] and [[La Union]] (350 MW).<ref>{{Cite news |last=Crismundo |first=Kris |title=Danish firm investing $5-B for offshore wind projects in PH |url=https://www.pna.gov.ph/articles/1198566 |access-date=March 30, 2023 |work=[[Philippine News Agency]]}}</ref> In 2022, the share of RE in the energy mix was at 22.8 percent.<ref>{{Cite news |title=DOE to achieve renewable energy goals via reforms |url=https://www.pna.gov.ph/articles/1194356 |access-date=February 3, 2023 |work=[[Philippine News Agency]]}}</ref>