11-SPETILLA_latestPress Statement:

Investments in Renewable Energy (RE) have now become more feasible under the term of Department of Energy Secretary Carlos Jericho Petilla, says clean energy advocate World Wide Fund for Nature (WWF-Philippines).

At present, clean and renewable energy sources like wind farms, solar plants and geothermal facilities supply just 30% of the country’s power needs. In 2012, the Energy Regulatory Commission (ERC) approved the Feed-in-Tariff (FiT) system to attract new investors. FiT is a fixed rate for electricity generated by designated RE generators, held constant for 20 years, making it safe to invest in RE.

Under Petilla’s term, RE incentives paved the way for 500MW of solar investments, both for households and commercial providers. DOE has also enabled the development of 425MW of wind power by mid-2015, making the Philippines the wind powerhouse of Southeast Asia. New directives to fast track RE contracts have dramatically cut processing time from two years to 45 days.

“WWF lauds Secretary Petilla for recognizing the importance of clean, indigenous and renewable energy to augment our country’s power mix,” says WWF-Philippines President & CEO Joel Palma, “More and more investors are fuelling the shift to RE. With strong government support, the Philippines might just become Asia’s renewable energy capital.”