With the recent promulgation of RE law's IRR
ANGARA FIGHTS FOR A GREEN REVOLUTION TO HARNESS RP'S
VAST RE RESOURCES

With the promulgation of the Implementing Rules and Regulation (IRR) of the Renewable Energy (RE) Act, Sen. Edgardo J. Angara today expressed his hope that this will jumpstart RP's efforts to harness and develop the vast alternative energy resources that our country possesses.

"Its passage could have not been any sweeter than now when calls are most urgent. We are very delighted to have achieved a significant inroad as our response to this challenge, to win our fight for a Green Revolution," said Angara who chairs the Senate Committee on Science and Technology.

Angara said that increasing the utilization of renewable energy by institutionalizing the development of national and local capabilities in the use of renewable energy systems, and promoting its efficient cost effective commercial application will definitely accelerate the exploration and development. Hence it will prevent and reduce harmful emissions thereby balancing the economic growth with the protection of health and the environment.

The RE law will not only reduce and prevent environmental damage but will also reduce high cost of imported fuels that's translates to high power rates passed on to the consumers and for funds to be allotted to tangible investments for human development.

"We are at the mercy of constant world oil price hikes. Each year, we import 94 percent of all our crude oil needs. Our oil consumption is projected to rise by more than 10 percent in the next decade," said Angara who also chairs the Senate Committee on Finance.

A study made by the Renewable Energy Coalition showed that if the country saves even half of its net oil imports, it can use this amount for social and infrastructure programs, such as sending 17 million children to elementary school, building 250,000 classrooms, putting up 135,000 health centers, feeding 14 million families and building 38,000 farm-to-market roads.

Among the fiscal incentives incorporated in the recently enacted landmark legislation includes: Tax holidays for RE developers, VAT exemption and duty-free importation of machineries and equipment for RE development, Specifically set realty tax rates, income tax holidays and tax exemption of proceeds from sale of carbon credits, among others.

"Our future is in renewable energy. The law will serve to explore our alternative sources of fuel and energy. Many countries have already begun the transition from total dependence on oil, and it would be to our great advantage to follow suit," said Angara.

A conference on the Renewable Energy is set to happen on July thru the Congressional Commission on Science, Technology and Engineering (COMSTE), an oversight committee headed by Sen. Angara.