At least $70 million worth of energy projects is stocked under Duterte’s EO 30, marking the critical investments as ‘national significance’ that will propel the power industry in the next few years, according to Energy Chief Alfonso Cusi.
The new policy states that incoming energy proposals from local and foreign entities will be reviewed for approval in a 30-day time frame instead of the tedious three-year period.
“This will change the way we process our energy projects. No longer will it take up to three years for an agency to respond to a proposal for a project. Instead, these agencies must act on a proposal WITHIN 30 days, otherwise, the proposal is deemed approved,” Cusi said at the Asian Cooperation Dialogue (ACD) briefing Monday.
Cusi said this will lead investors and other sectors involved for long-term planning in accordance to President Duterte’s socio-economic reform. Empowering the country’s energy industry – dubbed the Philippine Energy Plan – is one of the key elements the current administration is facing to challenge.
Duterte is expecting the power industry to deliver 43,765 MW of additional electricity capacity for 2016 to 2040.
The EO also features the formation of the Energy Investment Coordinating Council (EICC) under the DOE in charge of the approval affairs, including the integration and streamlining of regulatory processes, requirements, and forms supporting to the government’s future efforts.
The EICC will be composed of various members belonging to relevant government departments and sectors like the Department of Environment and Natural Resources, Department of Finance, Department of Justice, Department of Transportation, National Electrification Administration, National Grid Corp. of the Philippines, National Power Corp., National Transmission Corp., Housing and Land Use Regulatory Board, Palawan Council for Sustainable Development, etc.
“Speed is of the essence here and we are determined to see that we pull in the best investments and build our projects on time to deliver on our domestic plan. This will allow us to generate the momentum,” Cusi said.