THE Board of Investments (BoI) permitted the registration of a photo voltaic venture undertaken by Nakashin Davao Worldwide, Inc., making it the first enterprise to be granted incentives supplied beneath the Power Efficiency and Conservation (EE&C) Act.
In a press release on Wednesday, the BoI stated that Nakashin’s 519.2-kilowatt-per-hour photo voltaic photovoltaic rooftop system venture is eligible for an revenue tax vacation (ITH) equal to 50% of its capital funding.
Estimated to value P26 million, the venture might be put in within the firm’s meals manufacturing facility. Nakashin produces agricultural and aquatic merchandise for export to Japan and the European Union.
“The Division of Power (DoE) has licensed that Nakashin’s venture meets the required requirements for endorsement by the BoI, additional supporting its alignment with the nation’s sustainability objectives,” the BoI stated.
Signed in 2019, the EE&C Act goals to encourage using energy-efficient applied sciences to assist obtain the Philippines’ renewable power (RE) objectives.
The federal government has set a goal for RE to account for 35% of the ability technology combine by 2030, rising to 50% by 2040.
“By adopting RE applied sciences like photo voltaic, corporations within the Philippines can considerably scale back their electrical energy prices and reinvest financial savings into enterprise enlargement, boosting total financial progress,” the BoI stated.
“Nakashin’s photo voltaic rooftop system won’t solely scale back its dependence on grid-supplied electrical energy however will even present dependable and sustainable energy for its operations,” it added.
BoI Memorandum Round 2023-006 offers that self-financed EE&C initiatives are entitled to the ITH incentive and responsibility exemption on imports of capital gear, uncooked supplies, spare elements, or equipment. — Justine Irish D. Tabile