Incentives for ‘green’ ventures pushed

A WIDE array of incentives for both local and foreign companies promoting green technology has been proposed in the House of Representatives. Rep. Juan Edgardo Angara of the Lone District of Aurora pitched for such measure on Tuesday, saying that the green technology in various fields—such as power generation, recycling, water purification, air purification, sewage treatment, environmental remediation, solid waste management, renewable energy, eGain forecasting and energy conservation—present highly lucrative employment opportunities because of the increasing demand for such environment friendly initiatives.

Fiscal incentives, Angara said, could include duty-free import of machinery, equipment and spare parts related to green technology; exemption from advance payment of customs duties; environment protection tax credits and other forms of incentive packages that can entice green companies to invest in the Philippines.

A special economic zone specifically for green companies, Angara said, can be also seriously considered.

“Since ‘green tech’ is still expensive and remains exorbitant for most Filipinos, opening our doors to foreign green companies might reverse this trend and may even provide local entrepreneurs the opportunity to build their own green companies. It [incentives] would not only to enable the country to cope with the global clamor for a greener and healthier planet but also to take advantage of the increasing economic and employment potentials,” Angara pointed out.

The legislator from Aurora cited that construction companies specializing on houses nowadays already incorporate green technology in their designs and materials as shown by the increasing popularity of solar roofing and wall paneling, as well as household recyclable water supply system, because of their long-term economic benefits.

“We will not just be helping our economy but we will be helping save the planet as well,” Angara added. –LLANESCA T. PANTI, Manila Times