BoI sees room to grow for energy efficiency, conservation investments in Mindanao

By Justine Irish D. Tabile – October 21, 2024 | 8:54 pm
from Business World

PHILSTAR FILE PHOTO

THE Board of Investments (BoI) said that it had approved P15.23 billion worth of projects in Mindanao as of September, indicating the need to invite companies in the region to apply for Energy Efficiency and Conservation (EE&C) incentives.

In a statement on Monday, the BoI said it recently held a roadshow in Davao to invite the 26 participants to maximize the benefits of the EE&C Act.

“Efforts to gradually shift to renewable energy should be anchored in a strong partnership between the government, which lays down the policies, and the private sector, which drives economic growth,” BoI Davao Supervising Investments Specialist Emerson Gerongay said.

The EE&C Act authorizes incentives for qualified projects that help businesses lower energy costs, the BoI said.

Mr. Gerongay said that the Philippines is making strides in attracting investment for clean and green projects.

In the nine months to September, the BoI approved P1.35 trillion worth of investments, with renewable energy projects accounting for P1.29 trillion.

“In Mindanao, BoI-approved investments reached P15.23 billion during the same timeframe,” the BoI said.

Under the EE&C Act, self-financed EE&C projects can enjoy income tax holidays and duty exemptions on capital equipment and raw materials.

“As part of the support of the government, we are transitioning to a clean and green economy. This is how we plan to help you in modernizing your current operations by shifting from conventional power source to RE source,” BoI Director Raquel B. Echague said.