The RE Applicant must be a Filipino or, if a corporation, must be a Filipino corporation at least sixty percent (60%) of its capitalization owned and controlled by Filipinos, duly registered with the Securities and Exchange Commission (SEC) and organized or authorized for the purpose of engaging in renewable energy exploration, development and utilization.

Foreign-owned corporations may participate in the OCSP, Provided, That the RE Contract shall be in the nature of financial or technical assistance agreement (FTAA) to be signed by the President, and shall involve either technical or financial assistance for large-scale exploration, development, and utilization of geothermal resources pursuant to Section 2, Article XII of the Philippine Constitution.

In case the RE Applicant is a joint venture or consortium, the partners of the joint venture or members of the consortium shall organize themselves as a corporation registered under the Corporation Code of the Philippines and shall comply with the nationality requirements as provided for in the preceding paragraph.

In relation thereto, the RE Applicant shall comply with Commonwealth Act No. 108 or the “Anti-Dummy Law” on the appointment of officers in the corporation.

Sections 1.2 and 1.3 shall not apply in the case of FTAAs. For the purpose of this OCSP, a large-scale exploration, development, and utilization of geothermal resources shall refer to a project with an initial investment of at least Fifty Million US Dollars (US$50 Million). The initial investment shall include capitalization necessary during the Pre-Development stage up to drilling of appropriate number of production wells