A bill that aims to boost the Philippines’ energy self-sufficiency to 60 percent by 2010 was signed into law by President Gloria Macapagal-Arroyo on Tuesday.
The new act, the Renewable Energy Act of 2008, is also expected to mitigate the global problem of climate change, the presidential office said in a statement.
The administration hailed the enactment of “first and most comprehensive renewable energy law in Southeast Asia” as a means to “accelerate” the exploration of geothermal, hydroelectric, solar, biomass, wind, and ocean energy; and increase the utilization and development of renewable energy.
It will also help the country to tap the soaring investments in renewable energy development worldwide pegged at 71 billion U.S. dollars last year.
“Now, with our Renewable Energy Act, we can move aggressively to develop these resources,” said Arroyo, who just returned from a four-day trip to Qatar. [Continue Reading...]