DESPITE the expected difficulties brought about by the continuous increase in world oil prices, Victor Abola, professor at the University of Asia and the Pacific, said Thursday the current crisis on oil prices should lead the country to come up with a well-defined and implemented plan to be significantly more energy-efficient and save on power and fuel costs.

Four years ago, we had started ringing the alarm bells for people to invest in alternative-energy sources, and energy efficiency,” Abola said in a position paper.

He added that financing it is easily available from the Development Bank of the Philippines and from enlightened commercial banks, as these alternative- energy sources have become not only viable but quite profitable.

Abola said firm competitiveness rests much on moving on this matter quickly, and household’s budget can be stretched by it.

He added that the technology existed even at that time, and since then more improvements have taken place in solar, wind, geothermal energy, and more should come with the additional investments and research even when oil was just above $50 per barrel.

By investing in energy-saving devices, Abola pointed out that firms can reduce energy costs by 20 percent to 30 percent depending on the type of equipment being used, and energy-saving systems applied.

Abola cited that large firms (or a group of them; or with the local municipality) in rice-producing areas can generate their own electricity using rice hulls (a waste from milled palay).

Abola said operating costs are estimated to be only 15 percent of power using bunker fuel, while the estimated investment cost is only P38 million for 1 megawatt.

Abola further noted that households can also invest in converting at least one car to LPG, which saves the gas bill by a third. He added that households can also purchase compact fluorescent light bulbs which consume only some 20 percent to 23 percent of ordinary incandescent life, and have a life eight times longer than the former.

RP needs to grow 6% in Q3 and Q4 to meet low end of GDP targets–Neda 

THE Philippines needs to grow by around 5.5 percent in the second quarter and at least 6 percent in the last two quarters of the year to be able to meet the low end of the country’s economic targets this year.

Investments OK’d by BOI, Peza up 140% to P205B in first 5 months

INVESTMENT commitments approved by the Board of Investments (BOI) and the Philippine Economic Zone Authority (Peza) in the first five months of the year increased by 140.49 percent to P204.77 billion compared with the same period last year.

Oil prices have increased by more than 50% in a year

OVER the past year, local pump prices have already increased by more than 50 percent, according to the estimates of independent think tank IBON Foundation, highlighting the urgency for the government to regulate the oil industry.

Oil crisis should lead RP to be more energy-efficient, says professor

DESPITE the expected difficulties brought about by the continuous increase in world oil prices, Victor Abola, professor at the University of Asia and the Pacific, said Thursday the current crisis on oil prices should lead the country to come up with a well-defined and implemented plan to be significantly more energy-efficient and save on power and fuel costs.

1,500 fishers affected by fish ban around Sibuyan Island to get government cash assistance for 3 months

Government officials are proposing a P35-million livelihood assistance for 1,500 fishermen who have lost their means of earning in the wake of the fish ban in San Fernando, Romblon, where a passenger ship capsized during a strong typhoon.

Atienza to include Romblon in ADB-funded project

ENVIRONMENT Secretary Lito Atienza has vowed to include the province of Romblon in the six-year Integrated Coastal Resources Management Project (ICRMP) funded by the Asian Development Bank (ADB). 

US assures RP during GMA visit it will speed up processing of protocols for banana exports

THE United States Department of Agriculture (USDA) has assured its Philippine counterpart during President Arroyo’s working visit to the US that it will speed up the processing of quarantine protocols to enable Filipino growers to export hard green bananas to the mainland.