Philippines launches renewable legislation

MANILA, Philippines, Dec. 19 (UPI) -- Philippine Energy Secretary Angelo Reyes announced new renewable-energy legislation.

Philippine President Gloria Macapagal-Arroyo said the legislation is the "first and most comprehensive renewable energy law in Southeast Asia." The Philippines can now cash in on the growing resource industries including solar, biomass, geothermal, hydropower, wind and ocean power.

"With our Renewable Energy Act, we can now move aggressively to develop these resources," the president said.

The law provides incentives for renewable-energy investors, including tax credits on domestic capital equipment and services, special realty tax rates on equipment and machinery, tax exemption of carbon credits, duty-free importation mechanisms and income tax holidays.