PRESIDENT Ferdinand R. Marcos Jr., has conducted meetings with various stakeholders and renewable energy developers, the Department of Energy said on Friday.
At the Laging Handa Public Briefing, Usec. Rowena Guevara said that the chief executive – a staunch supporter of renewable energy – is exploring all options that can be made available for the Philippines.
“Ang mga meeting ng President ay sa iba’t ibang renewable energy,” she said.
(The President held meetings with various sectors on renewable energy)
She said that among those include the possibility of harnessing renewable energy from the wind, hydro, offshore wind and solar power.
“Dun sa mga meeting ng ating presidente sa mga foreign investors, ang ating ineemphasize ay 100 percent foreign ownerships ay pinapayagan na sa renewable projects in the Philippines,” she said.
(During the meeting of the president, it was emphasized to foreign investors of a 100 percent foreign ownership that is being allowed under renewable projects in the Philippines)
Guevara also said that the foreign investors can also “enjoy” renewable enewable energy incentives such as a tax holiday for 7 years, corporate tax of 10 percent, and free importation for 10 years.
“Our president is encouraging full foreign ownerships of renewable energy in the country,” she added.
The DOE said that they are targeting to have a 35% energy source from renewable energy by 2030, and go up further to 50% by the year 2040.
“With these developments and the strong push of the president I think we can achieve that,” she said.
Presently, the country6 has a 22.8 percent renewable energy capacity.
“The Philippines is blessed with a lot of renewable energy possibilities, let us explore it,” she said.
Meanwhile, Guevara said that they will issue on February 14, the policy for the energy storage system.
She explained that since the country is gearing for renewable energy, such mechanism should be in place.
“If for example solar, there are clouds, they can store the energy,” she explained.
CurrentPH News Service