NextGen Day

Following modifications to the law’s implementing rules and regulations (IRR), the Department of Energy (DOE) has made it easier to obtain incentives under the Renewable Energy (RE) Act.

The DOE stated in a statement on Thursday that making RE incentives more accessible will help to foster the growth of the renewable energy industry among both domestic and international investors.

“We are glad to announce an adjusted policy that addresses the long-standing concerns of the RE law’s target receivers, including RE developers, fabricators, and manufacturers, regarding the law’s incentives,” stated DOE Secretary Alfonso Cusi.

The agency signed Department Circular 2021-12-0042, revising the IRR of the RE Act, on December 24.

Cusi continued, “This involves, among other things, the application of tax provisions, particularly the automatic availing of the 10% corporation tax rate and zero-rate value-added tax.”

The new DC also makes it easier to qualify for the incentives.

“The circular also complies with the Act,” DOE said, adding that “savings obtained from the usage of the lower corporate income tax rate would be efficiently passed on to the electrical end-users in the form of lower power rates.”

The DOE thinks that by bringing more industry players to the local RE sector, the country would be able to speed its transition to clean and sustainable energy sources.

The DC is currently being published in two major general circulation newspapers by the agency.

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