DoE Postal Bank as potential credit window
Manila Bulletin
May 14, 2006
To augment financing sources, the Department of Energy (DoE) has added in its list the government-run Postal Bank to provide potential credit window for projects aimed at developing alternative energy resources.
"We need to get as much (financial) assistance to promote the use of alternative fuels," said DoE director Mario Marasigan, further noting that this will somehow address in part the hurdles being encountered by potential investors as far as project financing is concerned.
It was pointed out that the amount to be shelled out by Postal Bank for such projects is still being sorted out.
Marasigan noted that while there are a lot of players who are willing to help in this effort, they "do not have means to do it."
With the financial packages willingly offered by banks, he stressed, that this will bring the government’s resolve to develop these energy sources notches ahead.
Prior to the Postal Bank funding offer, the Development Bank of the Philippines (DBP) has already been allotting considerable amount that can be extended as loans to those participating in the program.
In fact, the latest mandate of Malacanang is for DBP to extend financial assistance to taxi operators or drivers who may wish to consider converting their fuel use to auto LPG (liquefied petroleum gas).
"The financial assistance from these banks is very crucial to intensify the use of alternative energy sources," the energy official said.
Aside from development and promotion of utilization of alternative fuels, the government is also aggressively enticing investments in new and renewable energy sources; primarily wind, hydro and solar for power generation.
DBP has allotted huge funding of up to P50 billion that can be accessed by companies who may wish to engage in these ventures.
Similarly, talks are being set by DoE with the Land Bank of the Philippines and Banco de Oro, for possible supplementary funding on projects for alternative fuels and renewable energy resources.
To advance these initiatives, the government is currently working on the immediate passage of measures - primarily the proposed Biofuels Act and Renewable Energy Act - to provide legal framework for the development of these sectors. (MMV)
May 14, 2006
To augment financing sources, the Department of Energy (DoE) has added in its list the government-run Postal Bank to provide potential credit window for projects aimed at developing alternative energy resources.
"We need to get as much (financial) assistance to promote the use of alternative fuels," said DoE director Mario Marasigan, further noting that this will somehow address in part the hurdles being encountered by potential investors as far as project financing is concerned.
It was pointed out that the amount to be shelled out by Postal Bank for such projects is still being sorted out.
Marasigan noted that while there are a lot of players who are willing to help in this effort, they "do not have means to do it."
With the financial packages willingly offered by banks, he stressed, that this will bring the government’s resolve to develop these energy sources notches ahead.
Prior to the Postal Bank funding offer, the Development Bank of the Philippines (DBP) has already been allotting considerable amount that can be extended as loans to those participating in the program.
In fact, the latest mandate of Malacanang is for DBP to extend financial assistance to taxi operators or drivers who may wish to consider converting their fuel use to auto LPG (liquefied petroleum gas).
"The financial assistance from these banks is very crucial to intensify the use of alternative energy sources," the energy official said.
Aside from development and promotion of utilization of alternative fuels, the government is also aggressively enticing investments in new and renewable energy sources; primarily wind, hydro and solar for power generation.
DBP has allotted huge funding of up to P50 billion that can be accessed by companies who may wish to engage in these ventures.
Similarly, talks are being set by DoE with the Land Bank of the Philippines and Banco de Oro, for possible supplementary funding on projects for alternative fuels and renewable energy resources.
To advance these initiatives, the government is currently working on the immediate passage of measures - primarily the proposed Biofuels Act and Renewable Energy Act - to provide legal framework for the development of these sectors. (MMV)
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