NextGen Day

MANILA, Philippines – The Board of Investments (BOI) has approved First Ifugao Renewable Energy Corp.’s Likud 2 Hydroelectric Power Project, which will increase the supply of clean energy in Luzon.

BOI announced Friday that it will invest PHP185 million to construct a 0.56-megawatt hydropower plant in Asipulo, Ifugao.

Once the power plant begins commercial operation, the project is expected to generate 100 jobs during the construction phase.

By September 2023, the hydropower plant is expected to begin commercial operation.

“The recently approved hydroelectric power plant in Ifugao is a significant project for the Philippines, which is transforming itself into a green and modern economy. It demonstrates our commitment to developing the Philippines’ renewable energy sector. This is only the beginning of an influx of green investments into our country’s economy,” Trade Secretary and BOI Chairman Ramon Lopez said.

The project qualifies for a seven-year income tax holiday, duty-free importation of renewable energy machinery, equipment, and materials, including control and communication equipment, and carbon credit tax exemption.

The BOI added that the run-of-river project of First Ifugao RE will help the country achieve its National Renewable Energy Plan 2020-2040, which calls for renewable energy to account for 35% of the country’s energy mix by 2030 and more than 50% by 2040.

“We are making strides toward our goal of becoming a modern, green economy. In 2022 and beyond, this hydropower plant will create additional business opportunities. We encourage the Philippines to increase its investment in renewable energy. As the head of the country’s investment promotion agencies, we at the BOI are confident that we are ‘Making It Happen,'” Trade Undersecretary and BOI managing director Ceferino Rodolfo stated.

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