THE Department of Trade and Industry urged companies putting up factories in the Philippines to set up their own power generation facilities, renewable energy units in particulary, to cut costs.Trade Secretary Alfredo Pascual said that on-site RE sources would help mitigate challenges posed by fluctuating energy prices and supply issues.He added that it would also provide more stable and reliable power sources for manufacturing operations.
The BoI, Philippine Economic Zone Authority and other investment promotion agencies are set to conduct a roadshow for locators about the policy.Pascual noted that the government was offering incentives for RE projects. Investors, for example, can recover 50 percent of their investment costs over several years.He added that the country's current power generation mix was already 29 percent renewable, consisting of geothermal, hydro, solar, wind and biomass energy.