MANILA Marinduque Rep. Lord Allan Velasco on Friday welcomed the signing of Republic Act 11234 or the Energy Virtual One-Stop Shop (EVOSS) Act by President Rodrigo R. Duterte, saying the new law would lure more energy firms to invest in the country and help reduce power rates.
This measure aimed at streamlining the permitting process of power generation, transmission, and distribution projects would reduce the cost of doing business in the country, and encourage investors, Velasco said.
RA 11234 was signed by Duterte last March 8 but was only released to the public Thursday.
Under the new law, prospective power generation, transmission or distribution companies can apply, monitor and receive all the necessary permits, and even pay for charges and fees, through the online platform called EVOSS once it takes effect, cutting down the lengthy permitting process that has turned off investors in the past.
The system will be managed and maintained by the Department of Energy, while its operations will be monitored by the EVOSS Steering Committee.
There will be a marked reduction in the cost of doing business for power generation companies. By reducing the red tape in the permitting process of new power plants, more energy firms, both foreign and local, would be lured to invest in the country, Velasco said.
The chair of the House of Representatives' Committee on Energy said the reduced cost on the part of the investors would translate to lower generation charges.
We expect the electricity generation costs to go down because of lesser financial costs on the part of the investors, he said.
Overall, EVOSS will greatly help the Philippines prepare in addressing its future energy requirements by stimulating the power generation investment in the country, Velasco said. (PNA)
Source: Philippines News Agency