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Sat, Nov 18 2017

9 renewable energy projects worth P26.7B get perks


The Board of Investments (BOI) approved nine renewable energy projects worth P26.7 billion, the agency said in a statement on Friday. These renewable projects, spearheaded by five separate companies, are now qualified under the prevailing Investment Priorities Plan (IPP), specifically under the incentives listed in the Renewable Energy Act of 2008, which is part of the special laws in the IPP. The IPP aims to attract investments in certain preferred business activities by enticing them with fiscal and nonfiscal perks such as a four- to six-year income tax holiday. In the case of renewable energy projects, their incentives include an income tax holiday for the first seven years of their commercial operations. Commenting on the projects, Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said the production of renewable energy was getting cheaper as it becomes a better alternative for meeting energy requirements. “It is fast becoming a better alternative in addressing power-sufficiency and cost-effectiveness in the economic development of our country,” he said in a statement. He said some countries were already transitioning to 100-percent renewable electricity, an event that the Philippines would soon have to face.

The Board of Investments (BOI) approved nine renewable energy projects worth P26.7 billion, the agency said in a statement on Friday. These renewable projects, spearheaded by five separate companies, are now qualified under the prevailing Investment Priorities Plan (IPP), specifically under the incentives listed in the Renewable Energy Act of 2008, which is part of the special laws in the IPP. The IPP aims to attract investments in certain preferred business activities by enticing them with fiscal and nonfiscal perks such as a four- to six-year income tax holiday. In the case of renewable energy projects, their incentives include an income tax holiday for the first seven years of their commercial operations. Commenting on the projects, Trade Undersecretary and BOI Managing Head Ceferino Rodolfo said the production of renewable energy was getting cheaper as it becomes a better alternative for meeting energy requirements. “It is fast becoming a better alternative in addressing power-sufficiency and cost-effectiveness in the economic development of our country,” he said in a statement. He said some countries were already transitioning to 100-percent renewable electricity, an event that the Philippines would soon have to face.

Other than this, Repower is also putting up two additional hydropower plants: The P1.1-billion 4.4-MW Tibag River hydroelectric power plant in Quezon province and the P2.1-billion 10-MW Pulangui IV facility in Bukidnon. All three plants will start commercial operations simultaneously in April 2019 with 18 personnel each, BOI said. —ROY STEPHEN C. CANIVEL

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