Located within the two tropical zones, the Philippines has a strong potential to become a hub of solar power production. According to Dutch consultancy firm, Solarplaza, the country ranks fifth in terms of the use of solar photovoltaic (PV) systems for electricity generation in Asia.
We provide schemes for businesses engaged in the solar power industry that are designed to promote the use of renewable energies and low-carbon electricity generation technologies. This innovation is driving more demand and increasing productivity among manufacturing companies relying on solar power.
Key players
Major active players already in the country include Solar Philippines Power Project Holdings, Solenergy Systems, Solaric Corporation, Vena Energy and Trina Solar. To date, 110 MW in the current supply comes from operating projects from public and private sectors that help increase solar power.
Key Statistics
US$4.8BN
Investments in solar energy to the Philippines
946
New jobs created under the industry
500 MW
Target increase on the annual national power capacity
US$ 0.25/W
Cost of solar PV systems, making solar the largest source of cheaper power
86 Contracts
Awarded for solar power projects which aim to produce a total capacity of 6.465 GW
13.4%
Expected compound annual growth rate (CAGR) increase by 2025
7,000 MW
Power generation projected to be added in the next 5 years
Incentives
- Multi-year income tax holidays
- Reduced tax rate on gross income
- 0% duty on imports of equipment
- Tax credit on imports of raw materials and supplies
- Zero added tax for exports
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