BOI seeks more investments in renewable energy
The Board of Investments is urging more businesses to go into renewable energy (RE) as it pushes a new Philippine industrial policy that promotes the “greening” of industry roadmaps.
According to the BOI, it has approved over the past six years the granting of incentives to a total of 144 RE projects or power generation facilities that use energy from the sun, wind, impounded water, ocean waves, geothermal and biomass.
These projects cost a total of P171 billion and represent power generating capacity that sum up to 3,861 megawatts (MW).
Hydropower projects dominate the list with 45 approved and solar power come second with 40 projects.
There were 29 biomass projects approved as well as 15 geothermal and 15 wind power.
However, from 2010 to 2015, no RE project that draw energy from ocean waves—which has a relatively lower rate of adoption among alternative sources of electricity —was registered with the BOI.
“Our industry development programs are geared toward building sustainable and resilient communities—which include achieving sustainable energy sources,” Trade Undersecretary Ceferino Rodolfo said in a statement.
Rodolfo, who is also the managing head of the BOI, noted that the Philippine Energy Plan 2010-2030 suggested the need for at least P3 trillion in fresh investments to attain the goal of energy security in the country.
“We encourage investments in the energy sector,” he said. “Energy is a major concern across industries, especially now that we already experiencing the resurgence of the manufacturing industry.”
Among the RE projects registered with the BOI is the recently inaugurated 60-hectare wind farm in Pililia, Rizal.
Run by Alternergy Wind One Corp., the wind farm runs 27 wind towers that each produce 2 MW of power. The total generating capacity of 54 MW can address the power needs of 66,000 households.
Based on the Department of Energy’s demand-supply projections for 2014-2019, the Philippines needs at least 5,100 megawatts of additional generating capacity on top of the existing 17,025 MW.