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Manila Bulletin devider Business devider Trade & Industry devider BOI urges Clark locators to go renewable

BOI urges Clark locators to go renewable

Published Aug 19, 2024 06:30 am

The Board of Investments (BOI) vowed to enhance awareness of incentives for Energy Efficiency and Conservation (EE&C) projects to motivate companies to transition to renewable energy (RE).

In a recent roadshow at the Clark Freeport Zone in Pampanga, the BOI presented new guidelines for registering EE&C projects under Republic Act (RA) No. 11285, or the Energy Efficiency and Conservation Act, to 17 manufacturing locators.

Maria Rosario Dominguez, BOI Domestic Investments Promotion Service (DIPS) director said the session aims to communicate the EE&C and conversion policies, encouraging firms to adopt these initiatives.

She said this approach not only makes economic sense but also supports the Philippines in moving toward a greener, more resilient economy.

"This session is part of our ongoing efforts to gradually transition to renewable energy, supported by a strong partnership between the government, which oversees policy, and the private sector, which drives economic growth," Dominguez added.

Meanwhile, Agnes Devanadera, Clark Development Corp. (CDC) said the roadshow is crucial for keeping firms informed about the incentives available to them as they transition to renewable energy.

"We are fortunate to have this forum. It is timely that we are discussing this, as we recognize the crucial role of the power sector," she said, highlighting the importance of new incentives for firms focused on energy conservation.

"With the combined efforts of our locators and the private sector, there is no reason why we won't succeed. This forum is not just about information dissemination—it's about taking actionable steps," she added.

Raquel Echague, BOI Resource-Based Industries Service (RBIS) director explained the guidelines for the registration of EE&C projects. Subsequently, she answered questions from the participants after her presentation.

She discussed the menu of incentives for EE&C projects under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. In addition, she mentioned that the BOI is reviewing the 2022 Strategic Investment Priority Plan (SIPP) so that it can come up with the 2025 SIPP.

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