The power to make a difference

The EY Entrepreneur Of The Year 2024 Philippines has concluded its search for the country’s most visionary leaders shaping opportunities and transforming industries. It is a program of the SGV Foundation, Inc., with co-presenters: the Asian Institute of Management, the Department of Trade and Industry, the Philippine Business for Social Progress, and the Philippine Stock Exchange.

Ruth Yu-Owen
President and CEO
Upgrade Energy Philippines

RUTH YU-OWEN stands as a testament to the power of resilience and visionary leadership in the renewable energy sector. Her journey from a young entrepreneur with a modest upbringing in Zamboanga City to the current president and chief executive officer (CEO) of Upgrade Energy Philippines (UGEP) is nothing short of inspirational.

With a rich Tausug and Chinese heritage, Ms. Owen’s entrepreneurial spirit was evident from an early age, when she sold candies to her classmates. Not one to be deterred after failing to pass the Certified Public Accountant Licensure Exam, she harnessed her people-centric personality to lead her to a fulfilling career in sales, which paved the way to senior positions in an international freight forwarding company. However, it was the loss of her job at the peak of her career that became the catalyst for her venture into the renewable energy industry, founding PhilCarbon in 2006.

In 2016, Ms. Owen partnered with Belgian company Upgrade Energy to establish UGEP, focusing on rooftop solar projects for the commercial and industrial segment. The company’s comprehensive services span engineering, procurement, construction, operations, maintenance, and project financing for renewable energy projects. Under her leadership, UGEP has achieved remarkable milestones, including the completion of the Philippines’ largest solar rooftop project for one of the country’s largest conglomerates in Batangas, with a capacity of 13,800 kilowatt-peak.

Despite encountering a myriad of challenges, including opposition to a wind farm project in Sagada and some missed opportunities to benefit from government incentives, Ms. Owen displayed unwavering determination. She invested her personal savings to keep her business afloat and consistently placed her team’s welfare at the forefront. This steadfast commitment not only helped her navigate through tough times, but also laid the foundation for future successes. As a result, Ms. Owen’s resilience and strategic foresight led to a series of successful ventures that garnered the attention and confidence of investors, significantly enhancing UGEP’s footprint in the renewable energy market.

Her influence extends to championing environmental, social, and governance (ESG) principles, establishing new benchmarks for sustainability in the energy sector. UGEP’s employment practices reflect a 50-50 gender balance and a commitment to employee well-being, mirroring Ms. Owen’s belief in diversity, inclusiveness and social responsibility.

Integrity is a core value that permeates UGEP’s culture, with transparent practices and robust corporate governance. Ms. Owen’s commitment to continuous learning and ethical standards is evident in her active participation in governance programs and various committees and boards such as being co-chair of the European Chamber of Commerce of the Philippines Renewable (ECCP) Energy Committee and chair of the Management Association of the Philippines (MAP) Energy Committee.

Moreover, her advocacy for women empowerment is showcased through her co-founding of Connected Women, a social initiative that leverages technology to foster economic independence for women by training them in artificial intelligence data annotation, providing the human factor in the loop for machine learning, ultimately creating 21^st Century employment opportunities.

Looking ahead, UGEP’s ambitious growth target of 500 megawatts (MW) of renewable energy utility scale and 200-MW of rooftop solar by 2028 sets a bold vision under Ms. Owen’s leadership.

Ms. Owen has earned recognition as one of the “Most Influential Filipino Women on LinkedIn” and continues to serve as an example of leadership in renewable energy. Her community engagement, such as leading the Ateneo de Zamboanga RISE campaign, which raises funds for the institution and ensures that students are fed daily through the Pan Cada Dia food subsidy feeding program that has been going on for 20 years, amplifies her contribution to social development, encapsulating her multifaceted approach to leadership that blends business excellence with societal progress.

Media sponsors are BusinessWorld and the ABS-CBN News Channel. Gold sponsors are SteelAsia Manufacturing Corp., Uratex, and Converge ICT Solutions, Inc. Silver sponsor is International Container Terminal Services, Inc. Bronze sponsor is Lausgroup Holdings, Inc. Banquet sponsors are Robert Blancaflor & Groups, Inc., Bounty Fresh Group Holdings, Inc., and Vista Land & Lifescapes, Inc.

The winners will be announced on Oct. 23, 2024. The EY Entrepreneur Of The Year 2024 Philippines will represent the country in the World Entrepreneur Of The Year 2025 in Monte Carlo, Monaco in June 2025. The EY Entrepreneur Of The Year program is produced globally by Ernst & Young (EY).