MANILA, Philippines - A subsidiary of Aboitiz Power Corp. has secured incentives for its hydroelectric power plant project in Davao del Sur.
In a statement yesterday, the Board of Investments (BOI) said it has approved the application of Hedcor Sibulan Inc. (HSI) as a renewable energy developer of the Tudaya 1 Hydroelectric Power Plant in the municipality of Sta. Cruz, Davao del Sur.
“The P1.165 billion project conforms with the specific guidelines of the 2012 Investment Priorities Plan (IPP) under the mandatory inclusion of the Renewable Energy Act and the Memorandum of Agreement between the BOI and the Department of Energy,†it said.
As the project is now registered with the BOI, the firm can enjoy incentives such as income tax holidays and duty-free importation of equipment for seven years provided by the Renewable Energy Act of 2008.
Renewable energy has been listed as a mandatory activity in the 2012 IPP.
Activities in the mandatory list require inclusion in the IPP as provided for under existing laws.
Other activities in the mandatory list are industrial tree plantation; exploration, mining, quarrying and processing of minerals; publication or printing of books/textbooks; refining, storage, marketing and distribution of petroleum products; ecological solid waste management; clean water projects; rehabilitation, self-development and self-reliance of persons with disability; and tourism.