The Philippines pumps in green funds
In the Philippines, the Department of Energy (DoE) is expecting to realise P95 billion (€1.44 billion) worth of investments in renewable energy projects in the country in the next two to three years.
In particular the DoE is focusing on biomass to energy projects and hydro-energy in Central Visayas.
The nation is looking to get away from coal-powered plants, and DoE undersecretary Roy Kyamko says hydro and biomass energy sources are feasible investment opportunities in the region, as the economy is growing rapidly.
The agency has already contracted 87 projects for renewable energy plants situated in different areas across the country, including the Visayas region.
‘We are hopeful that the Philippines can hit the target of providing 5,000 MW of power sourced from renewable energy by 2020,’ Kyamko adds.
The Renewable Energy Act was signed into law by President Arroyo in 2008.
The provisions of the Renewable Energy Act provide for several benefits to renewable energy investors. These benefits include: a seven-year income tax holiday; carbon credits generated from renewable energy sources are free from taxes; a 10% corporate income tax, against the regular 30%, is also provided once the income tax holiday expires; renewable energy facilities to be given a 1.5% realty tax cap on original cost of equipment and facilities to produce renewable energy; and increasing energy self-sufficiency to 60% by 2010 from 56.6% in 2005, by accessing resources like biomass energy.
In particular the DoE is focusing on biomass to energy projects and hydro-energy in Central Visayas.
The nation is looking to get away from coal-powered plants, and DoE undersecretary Roy Kyamko says hydro and biomass energy sources are feasible investment opportunities in the region, as the economy is growing rapidly.
The agency has already contracted 87 projects for renewable energy plants situated in different areas across the country, including the Visayas region.
‘We are hopeful that the Philippines can hit the target of providing 5,000 MW of power sourced from renewable energy by 2020,’ Kyamko adds.
The Renewable Energy Act was signed into law by President Arroyo in 2008.
The provisions of the Renewable Energy Act provide for several benefits to renewable energy investors. These benefits include: a seven-year income tax holiday; carbon credits generated from renewable energy sources are free from taxes; a 10% corporate income tax, against the regular 30%, is also provided once the income tax holiday expires; renewable energy facilities to be given a 1.5% realty tax cap on original cost of equipment and facilities to produce renewable energy; and increasing energy self-sufficiency to 60% by 2010 from 56.6% in 2005, by accessing resources like biomass energy.
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