RENEWABLE-energy developers are concerned over the possible removal of incentives given under the Renewable Energy Act should the proposed Senate bill that aims to rationalize incentives be approved.
Peregrino Fernandez, Renewable Energy Developers Caucus convener, said he is saddened by the development, especially in the face of rising oil prices.
“We have repeatedly said renewable energy is an investment for the future, a hedge on expensive fossil fuel. The longer we wait, the more burden the economy carries on its back,” Fernandez said.
The draft of the Senate bill, known as the Consolidated Investments Incentives Code of the Philippines, says only export-oriented companies will be given incentives.
