The Board of Investments (BOI) has issued amendments to specific guidelines to register for Energy Efficiency and Conservation (EE&C) Projects under the 2022 Strategic Investment Priority Plan (SIPP), as it announced the inauguration of a solar power generation project in Cebu, the first project to avail of the incentive.
BOI Managing Head Ceferino S. Rodolfo on Monday said the investment promotion agency signed Memorandum Circular No. 2023-006 or the Amendments to BOI Memorandum Circular no. 2022-008 providing for the Specific Guidelines to Register Energy Efficiency and Conservation Projects under the Special Laws Listing, Republic Act No. 11285 of the 2022 SIPP.
MC No. 2023-006 also noted that the ITH incentive shall be limited to the prescribed ITH entitlement period under the Corporate Recovery and Tax Incentives for Enterprises Act or until the recovery of 50 percent of its capital investment, excluding cost of land and working capital of the registered EEP, whichever comes first.
According to Tatsuya Mori, president of MinebeaMitsumi, their firm is the “first case to have this incentive which can be applied on the own use like what we are doing in Danao.” Meanwhile, the project profile also noted that the solar power generation is expected to reduce carbon dioxide of around 6,833 tons per year.
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