Basic Energy Corp. will be receiving incentives from the government because of its renewable energy project in West Bulusan, Sorsogon province, the company said.
In a disclosure to the Philippine Stock Exchange, Basic Energy said that it received Certificate of Registration No. GSC 2013-11-052 from the Department of Energy (DOE) because of its status as a renewable energy (RE) developer of geothermal resources in Magallanes, Juban, Irosin, Bulusan, Magdalena, Matnog and Bulan, Sorosogon.
“The certificate will serve as the basis of entitlement to incentives under Republic Act No. 9513, otherwise known as the Renewable Energy Act of 2008,” Basic Energy said without adding any more details.
In December 2013, the DOE awarded a fourth geothermal service contract to Basic Energy.
The area to be developed covers several geothermal prospects surrounding the active volcano Mount Bulusan.