Diokno: Foreign investors interested in PH utilities, renewable energy

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Metro Manila (CNN Philippines, April 21) — Efforts to liberalize the economy has drawn investor interest in infrastructure projects in key sectors, the Department of Finance said Friday.

"We opened up telco, we opened up toll roads, we opened up shipping to foreign investors… we recently opened up also renewable energy, and so there's a lot of interest in those areas. These are big-ticket items," Finance Secretary Benjamin Diokno told CNN Philippines' The Exchange.

Foreign investors eyeing public-private partnerships (PPPs) for infrastructure projects are also interested in digitalization, added Diokno.

"There’s a lot of interest on the Philippines because we have a nice narrative to say… I've seen the ups and downs of the Philippine government, but I said this is our moment. All the stars are aligned. This is the ideal time for investors to invest in the Philippines," the finance chief said.

In November, the Department of Energy allowed full foreign ownership in renewable power projects with the approval of amendments to the implementing rules and regulations (IRR) of the Renewable Energy Act. 

The IRR of the law amending the decades-old Public Service Act to allow foreigners to completely own businesses in industries like transport and telco took effect this month.