House ratifies Renewable Energy bill
10/09/2008 | 11:22 AM
MANILA, Philippines - The House of Representatives has ratified the consolidated House and Senate versions of the Renewable Energy bill.
Upon the motion of Deputy Majority Leader Neptali Gonzales on Wednesday, lawmakers voted unanimously on the consolidated version of House Bill No. 4193 and Senate Bill No. 2046 approved by the bicameral conference on Tuesday.
"This bill is a landmark legislation," House energy committee chair Representative Juan Miguel Arroyo told GMANews.TV in a phone interview on Thursday morning.
"This is very timely because we are in a time when we are held captive by fluctuations in the world market," said Arroyo, adding that the bill, once signed into law, will help achieve the country's goal of energy independence.
The Senate likewise ratified the bill on Wednesday.
If the President will not sign the bill within 30 days from receipt, the bill will still become a law. If she vetoes it, Congress can override her decision by two-thirds vote.
The bill provides fiscal and financial incentives to encourage investors to go into renewable energy and development such as a seven-year income tax holiday.
It likewise directs the Department of Energy, the National Power Corp., and other government agencies to institute a framework for the country's renewable energy program.
The bill also prioritizes the purchase, grid connection, and transmission of electricity sourced from wind, solar, water, and biomass resources. - Johanna Camille Sisante, GMANews.TV
Upon the motion of Deputy Majority Leader Neptali Gonzales on Wednesday, lawmakers voted unanimously on the consolidated version of House Bill No. 4193 and Senate Bill No. 2046 approved by the bicameral conference on Tuesday.
"This bill is a landmark legislation," House energy committee chair Representative Juan Miguel Arroyo told GMANews.TV in a phone interview on Thursday morning.
"This is very timely because we are in a time when we are held captive by fluctuations in the world market," said Arroyo, adding that the bill, once signed into law, will help achieve the country's goal of energy independence.
The Senate likewise ratified the bill on Wednesday.
If the President will not sign the bill within 30 days from receipt, the bill will still become a law. If she vetoes it, Congress can override her decision by two-thirds vote.
The bill provides fiscal and financial incentives to encourage investors to go into renewable energy and development such as a seven-year income tax holiday.
It likewise directs the Department of Energy, the National Power Corp., and other government agencies to institute a framework for the country's renewable energy program.
The bill also prioritizes the purchase, grid connection, and transmission of electricity sourced from wind, solar, water, and biomass resources. - Johanna Camille Sisante, GMANews.TV
