The Philippines is experiencing a strong economic growth, registering a GDP of 6.81% in 2012 and 7.2% in 2013. Our country's economic performance is better in comparison to some countries in the region and is being recognized by the international investment community as evidenced by the successive upgrades in our credit ratings.
However, coupled with this growth, the Philippines must also confront alarming environmental challenges. The continuous use of fossil fuels to feed the growing industries of our country adds to greenhouse gases that directly contribute to global warming, resulting to extreme weather conditions. According to a United Nations report, our country ranks third in the list of countries that are most vulnerable to the effects of climate change. The recent onslaught of Typhoon Haiyan, a category 5 super typhoon, demonstrates this all too well.
Fossil fuel presently remains to be the most economical source of energy, but its adverse environmental impact impels us to find alternative sources. With the right government policies, clean and renewable energy such as solar, hydropower, wind, geothermal, and biomass can be viable and sustainable alternatives. Hence, the Philippines must strike a balance -- a right and sustainable energy mix -- that sustains our economic development and helps mitigate the impact of climate change.
Republic Act 9513, otherwise known as the Renewable Energy Act of 2008, strives to find that balance by encouraging the research, development, utilization, and commercialization of renewable energy sources through government support and incentives. In support of this government policy, PNOC Renewables Corporation was established in 2008 to act as the government arm in promoting, developing, and implementing new and renewable energy sources in the country.
PNOC RC is embarking on an ambitious program of being instrumental in the government's goal of tripling the renewable energy capacity by 2030. On its own and in partnership with public and private institutions, PNOC RC shall pursue renewable energy and energy efficiency projects that will be beneficial to the Filipino people.