BOI: Renewable power investments increasing

CEBU, Philippines - While it is expecting for total investments to go up this year, the Board of Investments Cebu office is likewise seeing an increase in renewable energy ventures.

Philip Torres, BOI Cebu officer-in-charge, said power generation developments are major ticket projects that largely contribute to the total value of investments.

"Big ticket projects nato kining energy nga bisan gamay ra pero dako kaayo ang value ani nga mga projects," Torres said in an interview with The FREEMAN yesterday.

Renewable energy

He noted that several renewable energy projects are now pending to be registered with the local board, saying this signals the awareness of investors on the opportunities and benefits of renewable energy ventures.

In fact, one renewable project is yet pending at the national BOI for evaluation but is expected to be built in Cebu, he said.

The official also disclosed that a certain company is set to develop renewable energy sources in the near future: two in Cebu and one in Negros Oriental.

Some potential investments in the power generation sector are still working with the Department of Energy for endorsements and needed documents before they could proceed to the BOI registration, Torres explained.

"(This is) a good development nga nagkadaghan ang investment sa renewable despite the high cost of its investment. Ang mga investors, probably, nakakita sa demand for power sources," he said.

He added renewable energy sources are more expensive in terms of fixed-cost investment compared to other power generating sources such as coal, oil, fossil fuel and natural gas.

Renewable energy comes from resources that are naturally refilled on a human timescale such as sunlight, geothermal heat, wind, waves and rain.

In a recent energy forum in Cebu, the European Chamber of Commerce of the Philippines called on stakeholders in the industry -- particularly in the business community -- to support and promote energy conservation, energy conservation and renewable energy.

The ECCP said these energy saving measures would give the Philippines greater energy security in the long-term and allow the country to contribute to the global challenge of reducing carbon emissions to mitigate climate change.

Other investments

In addition, Torres also reported that hospital investments which are set to be built in Cebu, Dumaguete, Bacolod and Leyte are imminent but still lack some certain documents.

Government data showed that as of September this year, the BOI Cebu registered total investments of P6.2 billion with employment generation of 783 jobs.

During the third quarter, the agency recorded two mass housing projects and one local manufacturing firm that produces electric vehicles.

In the second quarter, it also listed another player in the manufacturing sector for animal feeds production and one real estate project, all located in Cebu.

Furthermore, in the first quarter, it registered two renewable energy investments in Cebu and Negros and a hotel project in Bohol province. (FREEMAN)