MANILA, Philippines?One day after the ratification by both chambers of Congress of the Renewable Energy Act, the chairman of the House committee on energy said its swift passage would help guarantee the country?s energy security, yield huge economic benefits and boost the efforts to safeguard the environment.

Representative Juan Miguel ?Mikey? Arroyo said the Renewable Energy Act of 2008, the final version of House Bill 4193 and Senate Bill 2046, is expected to be signed into law by his mother, President Gloria Macapagal-Arroyo.

On Wednesday, the House plenary approved the final version crafted by the conference committee headed by Arroyo and Senator Edgardo Angara. The Senate also ratified the bill the same day. On Tuesday, the conference committee approved the common version after just one meeting.

Principally authored by Senators Angara and Juan Miguel Zubiri in the Senate, and Representatives Arroyo and Luis Villafuerte in the House, the bill allows power users to choose renewable sources of energy such as hydro, wind, sun, biomass and ethanol over crude and other petroleum products.

The Act is intended also to encourage local entrepreneurs to go into the development of alternative energy resources through incentives and help decrease dependence on imported fuel.