The Philippines is not yet ready to impose a carbon tax as a move to reduce carbon dioxide emission particularly in the power sector, the country’s top energy official said.
At the virtual panel session of Asia Pacific Energy Week organized by Siemens Energy, Department of Energy Secretary Alfonso Cusi said it is not yet the right time to impose such a tax as this will only make the country’s power sector more uncompetitive.
Cusi added the country is still building its capacity to meet power demand and ensure sufficient reserve.
Since he assumed office, the DOE has been pushing for technology-neutral policy, welcoming investments in all potential sources of energy to build capacity for the country amid the nation’s increasing power demand.
Cusi said burdening power generation companies with carbon tax will only make the Philippines uncompetitive in attracting investments in power generation by foreign companies.