Department of Energy facade from DOE / FILE
An energy saving program that seeks to cut government agencies’ monthly power and fuel consumption would require additional funding of about P10 billion to hit its target, according to Energy Undersecretary Felix William Fuentebella.
Fuentebella said on Wednesday the Department of Energy was working with the Department of Finance (DOF) on how to secure additional funds to support the Government Energy Management Program (GEMP) for five years.
READ: Energy program can ring up P2B in savings
He said the DOF would study the best “blend” in financing, which may include the combination of concessional loans and official development assistance.
“We already have the strategies in place so what we’re working on is the financing. So we’re trying to come up with a facility through the DOF in collaboration with our development partners,” he told reporters.
“We are looking at around P2 billion in expenses a year starting 2026,” Fuentebella said.
He added that they already approached the Asian Development Bank (ADB) for possible loans.
In a message, Fuentebella said the amount was “still being negotiated.”
He said the additional funding would be used for retrofitting, the rollout of measures meant for energy efficiency, as well as for the promotion of electric vehicles and charging stations for state-run entities.
Through GEMP, the government wants to reduce electricity and fuel usage by at least 10 percent “through the efficient use and conservation of energy and fuel, among others.”