These are under study and in various stages of documentations, the NBB official said.
In 2007, President Gloria Macapagal-Arroyo signed into law Republic Act No. 9367, otherwise known as the Biofuels Act of 2006 to promote the use of alternative transport fuels. This is in consistent with the Declaration on East Asian Energy Security ratified by the 16 heads of state of the Association of Southeast Asian Nations and its dialogue partners.
The law mandates the use of biofuels as a measure to develop and utilize indigenous renewable and sustainably-sourced clean energy sources to reduce dependence on imported oil.
The law also aims to mitigate toxic and greenhouse gas emissions and increase rural employment and income.
Coscuella has admitted some investors have been cautious as ethanol prices are still low at around PHP26 per liter, cheaper than the gasoline prices hovering at over PHP30 per liter.
However, Coscolluela believed that fuel prices will stabilize soon and this will convince investors not to think twice.
“When they are finished with their plants in one or two years, prices would have stabilized already, Coscolluela said adding there are also other forms of ethanol feedstock that could be developed such as molasses.
