At the unveiling of a Compressed National Gas Station in Batangas. Philippine President Gloria Macapagal-Arroyo once again called for the Philippine Congress to work anew to pass the Renewable Energy Bill which is pending in the House of Representatives. Pointing out that the country needs this to stave off the impact of high oil prices on the Philippine economy as well as to fight the increasing pollution.
The Philippine Renewable Energy Bill calls for a portion of the Country’s energy sources to be harvested from renewable energy supplies (wind, solar, hydro, geothermal etc).
Benefits of the Bill to RE Producers Are:
The bill provides incentives for investments in renewable energy development, including duty exemption and zero value-added tax on the importation of machinery and equipment for the first 10 years of an operating contract, and tax credits on domestic capital equipment and services.
Special realty tax rates will also be granted on equipment and machinery to be used for renewable energy development, as well as an income tax holiday to potential investors for the first six years of commercial operations. [source]
Despite the problems she is facing right now (Accusations of bribery being used by her Administration to get things done, Cabinet Members implicated in a Broadband Deal, a Explosion in a Mall that could be the work of terrorists or oppositionists etc.) its nice to see that the President is still focused on her goal to achieve energy self sufficiency by 2010 (when her administration ends.) If that is something that she can pull off then that is indeed a lasting legacy and will be a defining accomplishment of her administration and term as President of the Philippines
Category: Law
