The Board of Investments (BOI) has approved 144 renewable energy projects in five years since the start of the Aquino administration.
The investments promotion arm of the Department of Trade and Industry (DTI), said the projects that were approved from 2010 to 2015 were valued at P170.947 billion.
The projects also covered a combined capacity of 3,861 megawatts (MW).
“Our industry development programs are geared towards building sustainable and resilient communities—which includes achieving sustainable energy sources,” said DTI Undersecretary Ceferino Rodolfo.
Rodolfo, who is also the BOI managing head, said that the projects which can be sourced from biomass, solar, wind, hydro, geothermal, and ocean energy complement the government’s aim of “greening” the industry roadmaps.
Greening refers to the use of technology, adoption of practices and procedures, and general behavioral changes to improve efficiency in the use of natural resources and power.
Renewable energy is one of the priority investment sectors in the BOI’s Investment Priorities Plan (IPP), the country’s investments blueprint. The BOI is closely coordinating with the Department of Energy (DOE) to ensure that investments support the Philippine Energy Plan (PEP) 2010-2030 and are consistent with the Renewable Energy Act of 2008 which mandates the consideration of renewable energy projects.
To date, the country has an installed capacity of 17,025MW in power generation, largely for the Luzon grid.
According to the DOE’s 2014-2019 demand-supply projections, an additional 5,100MW are needed by the major grids: 3,800MW for Luzon, 900MW for the Visayas, and 400MW for Mindanao.
Out of the required energy capacity, only 45 power plants with an aggregate capacity of 3,382.75MW—both renewable energy and conventionally-fuel—are expected to go online this year.
Rodolfo said the BOI is pushing for the continuity of the renewable energy investments to meet the P3 trillion of investments to achieve energy security under the PEP 2010-2030.
“We encourage investments in the energy sector. Energy is a major concern across industries, especially now that we are already experiencing the resurgence of the manufacturing industry,” Rodolfo said.
Including the power sector, the Manufacturing Resurgence Program (MRP) aims to support the development and growth of manufacturing related industries including government funding to support its key initiatives.