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EVOSS Law will attract more investors- Velasco

/ 09:51 PM March 14, 2019
EVOSS Law will attract more investors- Velasco

Marinduque Rep. Lord Allan Velasco

Marinduque Rep. Lord Allan Velasco welcomed the signing of the Energy Virtual One-Stop Shop (EVOSS) Act by President Rodrigo Roa Duterte, saying the 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 more investors.

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.

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Once it takes effect, it will cut down the steps in seeking a permit, a lengthy process that has turned off investors in the past.

The system will be managed and maintained by the Department of Energy (DOE), while its operations will be monitored by the EVOSS Steering Committee, the law says.

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“There will be a marked reduction in the cost of doing business for power generation companies,” said Velasco, chairman of the House Committee on Energy. “This would encourage competition by attracting more power generation companies to invest in the country, and most importantly, this would translate to lower generation charges because of the reduced cost of doing business.”

By reducing the red tape in the permitting process of new power plants, the lawmaker said, more energy firms—foreign and local—would be lured into investing into the country.

“The usual cost of building power plants regardless of technology will be greatly lessened by EVOSS. We expect the electricity generation costs to go down because of lesser financial costs on the part of the investors,” Velasco said. He also added that by stimulating the power generation investment in the country, EVOSS is seen to help the Philippines significantly to prepare in addressing its energy requirements in the future.

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TAGS: 2019 elections, Energy Virtual One-Stop Shop, EVOSS, Marinduque Rep. Lord Allan Velasco, Philippine news updates
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