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Renewable Energy Act of 2008

Posted on December 20th, 2008

Finally, after some rough sailing and being bypassed by five Congresses, the renewable energy bill was finally signed into law by President Gloria Macapagal Arroyo . She hopes that it would attract investments and enable the country to achieve greater energy independence.

Now a law, the Renewable Energy Act of 2008 (Republic Act 9531) seeks to promote the development of renewable energy resources and its commercialization. It aims to achieve this by providing incentives to institutions that invest in the sector. Sources of renewable energy includes the sun, wind, bodies of water, organic matter and the earth’s heat.

In her speech, Mrs. Arroyo said “Last year, when renewable energy reaped a milestone $71 billion in investments, even oil giants like Abu Dhabi put up a special renewable energy corporation. Our Renewable Energy Act would enable us to capture a part of this investment flow through… tax holidays, tax credits, and other incentives,” she also added that the measure was timely because it mitigates the impact of climate change.

Wind Farm Ilocos Norte Bangui

“Most of the energy to be generated will come from wind hydro and solar and biomass,” according to Mario C. Marasigan, director of the Energy Department’s Energy Utilization and Management Bureau. “Hopefully in the next two years, we will have somewhere around 500 to 1,000 megawatts and somewhere around $20-25 billion worth of investments… We will reach 60% energy independency by 2010,” he added. Presently, we are only 58% energy-independent.

This development brings a lot of promise and hope to the country. With the rising cost of our main source of energy which is the fuel, and the global financial crisis, we have something good to look forward to. Let’s just hope that its implementation will not be hounded by too much politics and other self-serving agenda by our lawmakers and other influential institutions.

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This entry was posted on Saturday, December 20th, 2008 at 11:01 am and is filed under Business Ideas, Corporations, Entrepreneur Philippines, Renewable Energy, Small Business, Sole Proprietorships, Start Ups. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “Renewable Energy Act of 2008”

  1. Sherry on December 20th, 2008 at 2:59 pm

    It would cost the equivalent of 60 cents a gallon to charge and drive an electric car. The electricity to charge the car could come from solar or wind generated electricity. If all gasoline cars, trucks, and suv’s instead had plug-in electric drive trains, the amount of electricity needed to replace gasoline is about equal to the estimated wind energy potential of the state of North Dakota. Why don’t we use some of the billions in bail out money to bail us out of our dependence on foreign oil? This past year the high cost of fuel so seriously damaged our economy and society that the ripple effects will be felt for years to come. Why not invest in setting up some alternative energy projects on a national basis, create clean cheap electricity, create millions of badly needed new green collar jobs, and get out from under our dependence on foreign oil. What a win -win situation that would be. There is a great new book out called The Manhattan Project of 2009 Energy Independence NOW by Jeff Wilson. I highly recommend this book for anyone interested in alternative energy. http://www.themanhattanprojectof2009.com

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