DAVAO CITY — In a bid towards promoting clean energy strategies, the Board of Investments (BOI) successfully hosted the "Make REshift Happen" information session on October 10, 2024, in Davao, taking a big step towards a greener and more sustainable energy landscape.
The event, which is focused on the incentives for Energy Efficiency and Conservation (EE&C) projects or activities, aimed to inform and equip businesses about the advantages of adopting energy efficiency measures through integration of renewable energy into their operations.
The EE&C Act establishes a framework for energy efficiency and conservation, drawing incentives from CREATE, otherwise known as the Corporate Recovery and Tax Incentives for Enterprises, for qualified projects that help businesses lower energy costs while supporting the nation’s renewable energy objectives. The government aims for renewable energy to constitute 35% of the country’s power generation by 2030 and 50% by 2040.
Engr. Emerson Gerongay of BOI’s Davao Extension Office emphasized the critical role of collaboration between government and the private sector in achieving sustainable energy solutions.
"Efforts to gradually shift to renewable energy should be anchored in a strong partnership between the government, who lays down the policies, and the private sector, who drives the economic growth." said Engr. Gerongay.
He noted that the Philippines is making significant strides in attracting investments for clean and green projects. From January to September 2024, the Board of Investments (BOI) approved a total of PHP1.35 trillion in investments, reflecting an impressive 82% increase compared to the same period last year. Renewable energy projects accounted for Php1.29 trillion of these approvals, showing a strong commitment to sustainability. In Mindanao, BOI-approved investments reached PHP15.23 billion during the same timeframe.
“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,” said Director Echague.
Self-financed EE&C projects qualify for substantial incentives, such as Income Tax Holidays (ITH) and duty exemptions on capital equipment and raw materials. The EE&C Act serves as a robust platform to attract export-oriented manufacturers and other high-energy-demand enterprises, especially those in ecozones and industrial parks across Luzon, Visayas, and Mindanao. These businesses can leverage the incentives by fulfilling their power requirements through self-established renewable energy facilities.
Following Director Echague’s presentation, the panel responded to questions from the participants representing 26 companies during the open forum, offering valuable insights on maximizing the benefits of the EE&C Act.
The discussions highlighted the financial and environmental advantages of implementing energy-efficient practices, underscoring how these measures contribute to economic growth and environmental sustainability.
The "Make REshift Happen" roadshow in Davao is part of a broader initiative designed to foster collaboration between the government and the private sector.
In a continuation of the initiative, the BOI conducted an industry familiarization visit to Apo Agua Infrastructura, Inc., a bulk water supply facility powered by a hydroelectric power plant, on October 11, 2024.
This visit allowed BOI officials to gain insights into the facility’s operations, infrastructure, and compliance with environmental standards. The BOI’s engagement with facilities like Apo Agua exemplifies its commitment to promoting sustainable development and responsible investments in the region.The ‘Make REshift Happen’ roadshow will extend to multiple regions, championing energy efficiency and renewable energy projects. This initiative aligns with the Philippines' goals of advancing sustainable economic growth. PR