According to a GreenPeace article on their site. The Senate version of the Renewable Energy Bill was passed yesterday. Woohoo!
The Congress version was passed last June while the Senate version of the bill hit a snag because of some issues raised with regards to the perks given to RE investors. True to their word, barring any unforeseen events, the Bill can get signed into law by October this year.
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DOE Secretary Angelo Reyes announced that his department will be giving incentives to investors in environment-friendly renewable energy projects like biomass, solar and wind energy, bio-ethanol and fuel cell plant in the form of income tax holiday for six years and low tariffs.
They will also give non-fiscal incentives to pioneering projects in compressed natural gas (CNG) or the natural gas vehicle program for public transport and energy-related projects.
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The passing of the Philippine Renewable Energy (RE) bill at the Senate has hit a snag with Senator Joker Arroyo questioning the tax perks of the bill.
According to Senator Chiz Escudero:
The renewable energy bill will not be passed until such time we have made our recommendation on the exemption process found in the bill, because of the concern raised by Sen. Joker Arroyo on revenue loss or erosion of tax base in line with the exemptions proposed
Part of the responsibility of Hedcor in the construction of the 42MW Sibulan hydro electric power plant is to protect 1,000 hectares of forest within the Mt. Apo Natural Park by means of reforestation, agro-forestry and erosion control.
Hedcor Vice-President Gregorio Jabonillo said the company is bound to protect the watersheds, not just for its hydro plants but also for the communities.
Publicly listed Basic Energy Corp announced that they are planning to build between 5-6 bioethanol refineries in the country. They are targeting to be the market leader in the production of bioethanol in the Philippines with the help of partner Metro Pacific Investments Corp.
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