To recall, under the administration of former President Rodrigo Duterte, the Department of Labor and Employment (DoLE) issued Department Order No. 174, series of 2017 (“DoLE DO 174-17”).
On 29 September 2022, the Department of Justice (“DOJ”) rendered its Opinion No. 21, Series of 2022 (“Opinion”), holding that the 40% foreign equity limitation as provided under the 1987 Constitution should not apply to the exploration, development, and utilization of inexhaustible renewable energy (“RE”) resources.
The Bangko Sentral ng Pilipinas (“BSP”) issued last 5 September 2022 BSP Circular No. 1153 (the “Circular”) which institutionalizes a regulatory sandbox framework to better evaluate entities under its regulatory purview that offer or use financial products/services utilizing emerging or new technology.