The continuous surge in a world oil process has prompted senators to speed up deliberations and commit to approve the biofuels bill next month, before the scheduled recess of Congress, Bukidnon Rep. Juan Miguel F. Zubiri told reporters Tuesday.

"We expect the biofuels bull be approved in the bicameral meeting by October," said Zubiri in a press conference.

Among other issues to be discussed in the bicameral, according to Zubiri, is some senators' proposal to remove the incentives package in the bill. "They asked, why provide incentives if the law will mandate the use of alternative fuels," the solon added.

Zubiri said the incentives package is deemed important, since an investor will go ahead in a pioneering industry without receiving incentives. Otherwise, not having or giving incentives will discourage investors to come in and infuse capital into the local ethanol industry, he added.

In building the plant, Zubiri cited, investors will bring in billions of pesos just to put up the plant and they will need to be given some and similar incentives given by the Board of Investments (BOI) to pioneering industries such as tax exemption of capital equipment, among others.

"If they [Senate] would not want to mention it [giving incentives] explicitly, then we propose that at least a line will be included that will read that investors in the biofuels industry will be given priority by the BOI as a pioneering industry," said Zubiri.

He added that the investors they have recently spoken to asked that at least the law will state that they will be given priority by the BOI as a pioneering industry.

Saying that he had already lost count, Zubiri said there are more investors that expressed interest in the local ethanol industry that include Indian, Japanese and Thai companies as well.

"However, investments in the ethanol industry lie contingent on the enactment of the bill, as lenders would not want to release their funds until the law is approved," said Zubiri.

The solon said that they propose not to immediately implement the 10-percent blend, but to have at least a two-year phase-in period. "So, if the bicameral will approve it by October this year, the planned implementation of the 10-percent blend will be by October 2008," added Zubiri.