Philippines approves renewable energy bill

The Philippine Senate unanimously approved a bill enhancing the development of renewable energy, to lessen the countrys dependence on energy generated from imported fossil fuel. The Renewable Energy Act has been pending in Congress since 1997. A key feature of the measure provides a seven-year income tax holiday to investors in renewable energy development in the Philippines, said Senator Juan Miguel Zubiri, one of the principal authors and sponsors of the bill. All registered energy developers will be entitled to a specialty realty tax rates and a corporate tax rate of 5% of gross income. They will also be allowed to import machinery, equipment and other materials without paying duties and value added tax. (September 30, 2008)