Escudero seeks tax break for renewable energy
Tax incentives for renewable energy developers are needed to entice them to operate in the country and help ensure a stable power supply here, according to vice presidential candidate Sen. Francis Escudero.
Escudero, who chairs the Senate committee on environment and natural resources, said there are still areas in the country that get only an intermittent supply of electricity even though there are resources for renewable energy projects.
The next administration should come up with measures to attract investors to tap into wind, solar and other renewable energy sources, he said.
“We have to come up with incentives for investors to consider renewable energy development, which is not only sustainable but a cheaper power source as well,” he said in a statement.
As of 2014, only 37 percent of generated power came from renewable sources, with the rest coming mostly from coal and other nonrenewable energy sources, he said, citing data from the Department of Energy.
Less than 1 percent of the renewable energy sources used wind and solar energy, he added.
Escudero warned that failing to address the power shortage could hamper the growth of tourism and businesses in the country.
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