The Philippines has vast Renewable Energy potential, however only 30% of its power needs come from this energy source. (Photo by WWF)

WWF: Secretary Petilla’s initiatives drawing more renewable energy investments to the Philippines

Philippine News – The Philippines might just become Southeast Asia’s renewable energy capital with Department of Energy Secretary Carlos Jericho Petilla paving the way for aggressive renewable energy investments in the country.

In a statement released recently, clean energy advocate World Wide Fund for Nature (WWF-Philippines) revealed that more investments in renewable energy have now become feasible under new reforms ushered by Secretary Petilla.

At present, clean and renewable energy sources like wind farms, solar plants and geothermal facilities supply just 30% of the country’s power needs.

To attract more investments for renewable energy, Petilla encouraged the Energy Regulatory Commission (ERC) to approve the so–called Feed-in-Tariff (FiT) system.

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Solar Energy

The FiT system provides a fixed tariff rate to be held constant for 20 years for electricity generated by designated renewable energy generators making it safe to invest in businesses dealing in renewable energy sources, according to WWF.

Recently, this incentive paved the way for 500 megawatts of new solar power investments both for households and commercial providers.

Secretary Petilla has enabled the development of 425 megawatts of wind power that will provide renewable energy by mid-2015, making the Philippines the wind powerhouse of Southeast Asia, the WWF statement said.

Petilla earlier issued new directives to fast track renewable energy contracts, dramatically reducing the processing time from two years to just to 45 days recently.

‘We laud Secretary Petilla for recognizing the importance of clean, indigenous and renewable energy to augment our country’s power mix’, said WWF-Philippines President & CEO Joel Palma, adding that more and more investors are now fuelling the shift to renewable energy.

‘With strong government support, the Philippines might just become Southeast Asia’s renewable energy capital’, Palma said.