Press Release
July 11, 2009

In the advent of various moves to protect the globe from climate change
ANGARA BATS FOR A CONSISTENT EFFORT TOWARDS
A GREEN ENVIRONMENT

Sen. Edgardo J. Angara today calls for a consistent effort to protect the environment with the recently promulgated Implementing Rules and Regulation (IRR) of RE law.

"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 of renewable energy in the country," said Angara who chairs the Senate Committee on Finance.

He added, "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 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."

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. Let us be informed and raise the awareness among our people on how to conserve our environment for the benefit of our next generation," said Angara.

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

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