Bukidnon Rep. Juan Miguel Zubiri is pushing for the passage of biofuels bill in the Senate before the Congress takes a break on October 14.

Zubiri, who authored the House version of the bill, said in a press statement he hopes that the senators will finally agree on their version soon so it can be reconciled with the congressmen's version in the bicameral conference.

The plenary debate has reportedly been delayed by differences among senators on the tax breaks to be granted to biofuel producers.

Zubiri said that "at least a dozen investors" are waiting to invest billions of pesos for factories that would produce biofuels, the statement added.

Based on the report of Biofuel Alliance, six firms are in the "exploratory stage of venturing into ethanol projects."

Two foreign companies "interested in producing cocodiesel are keenly watching the crafting of the regulatory framework before finalizing their plans," Zubiri said in the statement.

If these companies decide to invest in the alternative fuels industry, they will join an early bird, the San Carlos ethanol plant in Negros Occidental, he said. The solon said that to attract investors, his version offers "a raft of perks, including tax privileges, to those interested in making cheap, clean, VAT-free gas out of cane and coconut," the statement added.

The biofuels bill, already certified urgent by President Gloria Macapagal-Arroyo, seeks to replace within four years a tenth of national gasoline consumption with ethanol, starting with the "mandatory blending of gasoline with five percent bioethanol" within two years after the approval of the law, it also said. Zubiri said that at this rate of "fossil fuel displacement," the Philippines can save about P40 billion in annual foreign exchange.

The is based on the estimate on the country's daily consumption of 320,000 barrels of oil, at $65 a piece, using a P51 to $1 exchange rate, the statement said.

Zubiri said the country has enough land planted to crops that can guarantee a steady supply of biofuel.

"We have the means to ride on the alternative fuels boom. We have 2.4 million hectares planted to corn, 3.2 million hectares to coconut, 390,000 hectares to sugarcane, 330,000 to cassava and camote," he added in the statement.*

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