MANILA, Philippines - Cotabato Rep. Emmylou Talino-Mendoza urged the National Government yesterday to release more than P660 million in renewable energy funds for Mindanao.
Now that the island is under a state of calamity due to daily rotating brownouts, she said Mindanao deserves at least one-third of the P2-billion trust fund for renewable energy nationwide.
“The portion of the fund should be fairly divided into three equal parts for projects in Mindanao, Visayas and Luzon. This way, we guarantee the balanced development of renewable energy sources without leaving one region behind,” she said.
Every Filipino deserves equal access to renewable energy and cheaper electricity, she said.
“Moving forward, we should not allow a situation wherein the economic growth of one region is retarded or threatened by the lack of electricity,” she added.
“We should also avoid a situation wherein Filipinos in one region end up paying more for their electricity just because their area was neglected in the development of low-priced renewable energy sources,” she stressed.
Under the Renewable Energy Law of 2008, or Republic Act (RA) 9513, an initial P2-billion trust fund was established, partly to “support the development and operation of new renewable resources to improve their competitiveness in the market.”
Money out of the fund may be used as grants, loans, equity investments, credit guarantees, insurance, counterpart fund or such other financial arrangements.
The fund is being supported by emission fees from all generating facilities under the Clean Air Act, and one and one-half percent of the annual net incomes of the Philippine Charity Sweepstakes Office and the Philippine Amusement and Gaming Corp.
It is also backed by one and one-half percent of the annual net dividends remitted by the Philippine National Oil Co. to the National Treasury, and one and one-half percent of royalties from the exploitation of indigenous non-renewable energy sources, such as natural gas.
RA 9513 seeks to lessen national dependence on fossil and mostly imported fuels such as crude oil and coal, which has made consumers and the economy extremely vulnerable to global market price fluctuations.
With the help of the law, the country expects to double the electricity generated by renewable energy from 4,500 megawatts to 9,000 MW in 10 years, with some $10 billion in fresh investments projected to come in.
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