Connect with us

Hi, what are you looking for?


Bain cites PHL potential as renewable leader given its rich resources

THE PHILIPPINES can become a leader in developing renewable energy (RE) due to the resources it has at its disposal, openness to foreign investment, and flexible grid network, consulting firm Bain & Co. said.

“We are seeing countries like Vietnam and the Philippines lead the way in deploying renewable energy and transforming their power generation systems in parallel,” it said in its Southeast Asia’s Green Economy 2023 report.

The report noted the Philippines’ “abundance of natural resources” for solar, wind resources, and battery components like nickel.

“Countries like Indonesia, Vietnam, the Philippines, and Thailand all have high energy demand and acceptable offtaker quality compared to less-developed SEA countries where local offtaker risk is high due to poor credit history,” Bain & Co. said.

The Philippines’ open market structure will also work in its favor, Bain & Co. said.

Last year, the government allowed 100% foreign ownership in renewable energy projects.

Bain & Co. also noted the Philippine grid’s flexibility in terms of accommodating renewable energy.

The report also noted that the Department of Energy is working on streamlining approvals for renewable energy permits, which would improve the ease of doing business.

On the other hand, Bain & Co. said that Southeast Asia remains “heavily dependent” on fossil fuels.

“Indonesia, Brunei, Malaysia, and the Philippines still subsidize some fossil fuel use,” it added.

Archipelagoes like the Philippines also face “complicated interconnection challenges.”

Bain & Co. estimated that under 3% of the Philippine and Indonesian populations still lack access to electricity.

The higher cost of capital will also make it difficult to bring in renewable energy projects, it said, noting that banks in the Philippines do not finance renewable energy projects from smaller developers.

Meanwhile, Bain & Co. said that the Philippines is “unlikely to be on track” to deliver its 2030 climate targets.

“(There is) some progress in decarbonization supported by the right incentives and regulatory frameworks,” it said.

“Nationally determined contribution (NDC) commitments are modest, the government supports grid infrastructure development, but more needs to be done for electric vehicles and nature,” it added.

It also noted the need for more inter-island grid connectivity and investment in renewables. — Luisa Maria Jacinta C. Jocson

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



By Luisa Maria Jacinta C. Jocson, Reporter THE NATIONAL Government’s (NG) budget deficit widened to P133 billion in August as revenues declined, data from...


THE GOVERNMENT is planning to launch US dollar-denominated retail Treasury bonds (RTB) on Tuesday, Finance Secretary Benjamin E. Diokno said. “We will launch the...


By Keisha B. Ta-asan, Reporter SUPPLY SHOCKS to inflation and a weaker peso against the dollar may prompt the Bangko Sentral ng Pilipinas (BSP)...


By Bernadette Therese M. Gadon, Researcher THE PHILIPPINES’ largest banks saw asset and loan growth ease in the second quarter, reflecting the impact of...


PROJECTS and activities to be funded via the issuance of “blue bonds” should support specific items under the United Nations Sustainable Development Goals (UN...


1 of 5 VERSACE TOM FORD PRADA EMPORIO ARMANI FENDI MILAN — Italian luxury label Dolce & Gabbana (D&G) presented a mainly black and...

You May Also Like

Top News

As the world seeks sustainable and energy-efficient solutions for heating and cooling, the heat pump market is experiencing a significant surge. According to the...


The Toto site’s user-friendly interface makes it easy for both beginners and experienced gamblers to navigate through the various features. “¸ÔÆ¢Æú¸®½º site is a...


Almost 100 jobs are thought to be under threat at smart home energy technology manufacturer myenergi. The Grimsby firm, named one of the UK’s...


The number of small businesses planning to increase prices to their customers is set to rise dramatically this quarter, further fuelling inflationary pressures. A new quarterly analysis of...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.