First energy efficiency registered project gets BOI perks

Manila: A PHP26-million solar rooftop project of a registered manufacturing facility is the first energy efficiency and conservation (EEandC) project to get a Board of Investments' (BOI) nod. The BOI reported Wednesday that it has approved the 519.2 kilowatt peak (kWp) Solar PV Rooftop System project of Nakashin Davao International, Inc., the first registered project to get incentives from the EEandC Act. The project will be installed at the Nakashin food manufacturing plant in Davao. The BOI-registered firm exports agricultural products and aquatic products to Japan and the European Union. "The solar PV rooftop system, covered under Tier I of the 2022 Strategic Investment Priority Plan (SIPP), is designed to cut energy consumption. Over its 25-year lifespan, it is expected to deliver annual energy savings of 17.27 gigawatt hour, resulting in a total reduction of 137,000 tons of carbon dioxide emissions," the BOI said in a statement. This EEandC project of Nakashin is entitled to an income tax holiday (I TH) equivalent to 50 percent of its capital investment, as prescribed by the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. It is also entitled to duty exemption on importation of capital equipment, raw materials, and spare parts or accessories. Last year, MinibeaMitsui said it invested around PHP500 million for its ground-mounted solar power generation with a capacity of 7.9 megawatt hours for the consumption of its Danao plant in Cebu. However, the BOI said MinibeaMitsui has not yet registered its EEandC project. (PNA) Source: Philippines News Agency