The Department of Energy (DOE) announced that they will set up a P2-billion trust fund over the next five years to support the development of renewable energy in the country which was jumpstarted by the passage of the Philippine Renewable Energy Act.
The fund would be sourced from different government agencies. At least 1.5% would come from the Philippine Amusement and Gaming Corp. (Pagcor), which regulates gambling in the country. Another source would be the Philippine Charity Sweeptakes Office (PCSO) which runs the government’s lottery program.
The government owned Philippine National Oil Co. (PNOC) will also be tapped for the fund while DOE will also contribute its revenues from its royalties. Penalties paid due to the violations of the Renewable Energy Law will also be a source for this fund.
The DOE also said that a large stake of the fund will be used in the research and development of RE technologies, while some will be used to finance RE projects.
DOE Secretary, Angelo Reyes said that:
Our objective is to double the power being generated from renewable energy sources from 4,500 megawatts to 9,000 MW in 10 years
[source]
Category: Solar, Wind, Wave, Clean Energy, Financing
