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18 January 2010

Asian lender helps Philippines’ energy reforms

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The Asian Development Bank and the Philippine government are preparing a new roadmap for the local energy sector, which will take into account the substantial progress in the restructuring of the power sector, the Philippines Daily Inquirer reported.

According to ADB documents, a comprehensive review is ongoing and a new sector roadmap should be ready by June this year.

The current Philippine Energy Plan was crafted in 2007, and focused on making the Philippines produce 60 percent of its energy requirements and promoting a globally competitive energy sector.

Among the objectives under the 2007 PEP are accelerating the development and use of indigenous energy resources; intensifying renewable energy resource development; increasing the use of alternative fuels; and enhancing energy efficiency and conservation.

Since the 2007 PEP update, a number of significant developments have been achieved by the local power sector, most notably the privatization of over 80 percent of the National Power Corp.’s power generation assets.

Also, the renewable energy sector continues to grow, following the signing of the Renewable Energy Law in December 2008.



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