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Feature
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Written by Sabrina Deparine
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Thursday, 29 April 2010 11:02 |
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Page views: 486 |
Owing to the enticing provisions and fiscal incentives being offered by Republic Act No. 9637 (Biofuels Act of 2006) and Republic Act No. 9513 (Renewable Energy Act of 2008), more and more British firms are now considering potential investments in the Philippines.
 According to British Ambassador Stephen Lillie, firms from UK are now seeing huge and commendable potential for partnerships with the Philippines. In particular, British firms are interested to venture into the environmental goods and services sector.
To date, a number of British firms are now involved in delivering and implementing biofuel and renewable energy solutions in the country. The global market for low carbon and other environmental solutions is now worth more than PHP 230 trillion. This figure is still growing as more Filipinos are now becoming aware of the benefits of biofuels and renewable energy.
Just last March, British firm Global Green Power Plc. signed contracts for the engineering, procurement and construction of two 17.5-megawatt biomass power plants. These will be built in Iloilo and Nueva Ecija. The company has already bought several multi-fueled biomass boiler plants for the two planned facilities.
Much of these biofuel and renewable energy "attractions" can be attributed to the Biofuels Act of 2006 and the Renewable Energy Act of 2008. The Biofuels Act of 2006 mandates the use of ethanol-blended fuel in the local market while the Renewable Energy Act of 2008 offers both fiscal and non-fiscal incentives to the proponents of renewable energy projects.
With the outpour of potential investors, the Department of Energy can very well expect to double the current renewable energy capacity of 4,500 megawatts to 9,000 megawatts in the next ten years.
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