One of the dire consequences of Philippine economic advancement is environmental deterioration due to unfavorable upshots brought by fossil fuels as the main drivers of its electricity generation. To thwart this impeding dilemma, the Philippines is currently decarbonizing its system and transitioning into a more sustainable renewable energy (RE) game plan conforming to United Nations' Sustainable Development Goals. This review article discusses the Philippine government's enablers, challenges, and initiatives toward its goal of a 50% renewable energy power mix by 2040. It also delineated the impacts of significant government renewable energy laws and programs on the current setting. A semi-systematic review was conducted among the peer-reviewed research articles and substantial private and government assessment reports relative to renewable energy development in the Philippines, with the date of publishing from 2016 to the present. Results showed that significant roadblocks to renewable energy deployment are political impediments, government support for coal, policy implementation, permitting process, environmental setbacks, foreign ownership, grid connection challenges and misperceptions. On the contrary, major drivers are depreciating cost, intermittency and seasonality solutions, investment risks on fossil fuel technology, employment creation, streamlined regulatory processes, and absence of transportation cost, among others. Initiatives were taken to strengthen domestic and foreign partnerships to maximize subsidies, grants, donations and investments. Given the enabling factors and current government mechanisms, the country has great potential to attain its 35% renewable energy target by 2030 and 50% by 2040 through a coordinated national RE target.