• NEWS
    • NATION
    • CORDILLERA
  • BUSINESS
  • GREEN
  • OPINION
    • EDITORIAL
  • FEATURE
  • FACT CHECK
  • HEALTH
  • LIFESTYLE
  • LITERATURE
  • SPORTS
  • ADVERTORIALS
  • ABOUT US
    • CONTACT US
Baguio Chronicle
  • NEWS
    • NATION
    • CORDILLERA
  • BUSINESS
  • GREEN
  • OPINION
    • EDITORIAL
  • FEATURE
  • FACT CHECK
  • HEALTH
  • LIFESTYLE
  • LITERATURE
  • SPORTS
  • ADVERTORIALS
  • ABOUT US
    • CONTACT US
No Result
View All Result
  • NEWS
    • NATION
    • CORDILLERA
  • BUSINESS
  • GREEN
  • OPINION
    • EDITORIAL
  • FEATURE
  • FACT CHECK
  • HEALTH
  • LIFESTYLE
  • LITERATURE
  • SPORTS
  • ADVERTORIALS
  • ABOUT US
    • CONTACT US
No Result
View All Result
Baguio Chronicle
No Result
View All Result
Home Business

BOI thumbs up new P185M hydro plant in Ifugao

Angel Castillo by Angel Castillo
March 30, 2022
in Business, Green, News
Reading Time: 2 mins read
5
SHARES
18
VIEWS

THE Board of Investments (BOI) has greenlit First Ifugao Renewable Energy Corp.’s application to become a new developer of a P185 million hydroelectric power plant in Asipulo, Ifugao.

Likud 2 Hydroelectric Power Project, capable of producing 0.56 megawatts (MW) worth of power, will begin commercial operations by September of next year, augmenting the hydropower production capacity of the country.

According to the BOI, the project will contribute to the efforts in the power generation roadmap set to be accomplished by 2040, with estimates of P35 million worth of output for the Philippine economy, and P3 million worth of contribution to household income over the first 10 years of commercial operations.

ADVERTISEMENT

The plant is expected to generate 100 short-term jobs during the construction process.

According to the BOI, a constant increase in power demands in Luzon is expected as the country moves forward, necessitating the further increase of power generation capabilities.

The National Renewable Energy Plan calls for an additional 73,868 MW worth of renewable energy generation to meet the 2040 target of 81,485 MW from renewable sources.

First is eligible for incentives such as a seven-year income tax holiday, duty-free importation of renewable energy machinery, equipment and materials, and tax exemption of carbon credits under Republic Act 9513 or the “Renewable Energy Act of 2008,” according to the BOI.

“The newly approved hydroelectric power plant in Ifugao is a significant project, for the Philippines is heading toward a green and modern economy. It proves that we are committed to improving the renewable energy sector of the Philippines. This is just the beginning of more green investments pouring into our country’s economy,” Trade Secretary and BoI Chairman Ramon Lopez said in a statement.

ADVERTISEMENT
Previous Post

CAR dengue cases quadruple from last year

Next Post

P1 billion worth of roads added to CAR network in 2021

Angel Castillo

Angel Castillo

Angel graduated with a bachelor's degree in Journalism from the University of the Philippines Baguio. As somehow still the youngest on the team, he writes on mental health and well being, and the millennial’s point of view.

Related Posts

BROKEN NATIVE – October is not a festival for IPs but a clarion call

Only in FPIC, when clarity of the law invites more breaches

June 24, 2025

PCSO donates medical equipment and hygiene kits to support vulnerable communities

June 24, 2025

PCSO strengthens gender advocacy with hygiene kit donation in Nueva Ecija

PCSO joins 127th Philippine Independence Day celebration in Manila

PCSO continues march to excellence; obtains ISO 2015 recertification anew

PCSO distributes 500 ChariTimba in Asipulo, Ifugao

Latest Stories

ON POINT – Out of favor

Sign the bill

June 24, 2025
GRASSROOTS – Quo vadis, Philippine politics?

The essence of life

June 24, 2025
BROKEN NATIVE – October is not a festival for IPs but a clarion call

Only in FPIC, when clarity of the law invites more breaches

June 24, 2025

Baguio Chronicle

 

The Baguio Chronicle is the fastest- growing news publication in Northern Luzon today. It was established on December 6, 2009 in Baguio City.

© 2022 The Baguio Chronicle Website Design and Development by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • NEWS
    • NATION
    • CORDILLERA
  • BUSINESS
  • GREEN
  • OPINION
    • EDITORIAL
  • FEATURE
  • FACT CHECK
  • HEALTH
  • LIFESTYLE
  • LITERATURE
  • SPORTS
  • ADVERTORIALS
  • ABOUT US
    • CONTACT US