A congressional ally of President Arroyo disclosed yesterday that the Senate's approval on third and final reading of the Biofuels Bill has buoyed the spirits of a number of businessmen who are willing to invest "billions of pesos" in factories that would produce biofuels.

Rep. Juan Miguel Zubiri (Lakas, Bukidnon), principal author of the Biofuels Bill in the House of Representatives, said "at least a dozen investors" could hardly wait for President Arroyo to sign the legislative measure into law.

Citing a report of the Biofuel Alliance, Zubiri said six firms are in the "exploratory stage of venturing into ethanol projects."

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

He lauded the Senate for finally approving its own version of the Biofuels Bill.

On Wednesday, the Senate approved on second and third reading Senate Bill No. 226, "An Act that would allow the use of Biofuels as an alternative source of fuel for the transport sector," principally authored by Sen. Miriam Defensor Santiago.

On the last day left in the calendar before we take a break, I'm very glad that the Senate crossed party lines and went beyond politics to finally approve this important measure," Zubiri said.

"I would like to extend my sincerest gratitude and congratulations to all the senators, most especially to the honorable chairwoman of the Senate Committee on Energy, Sen. Miriam Defensor Santiago, who went beyond the call of duty by attending to the approval of the legislative measure even though she is currently mired in sickness," he added.

Passed unanimously by the House, the Biofuels Bill has been pending in the Senate since late last year. Plenary debates in the Upper Chamber have reportedly bogged down because of differences among senators on how generous the tax breaks to biofuel makers will be.

"I'm glad that our dear colleagues in the Senate finally agreed on their version so this can be reconciled with ours in the bicameral conference hopefully to be done when session resumes in November," Zubiri said.

He said the approval of the alternative fuels bill to help alleviate the plight of our people as we experience price fluctuations in oil prices.

The Biofuels Bill mandates the use of alternative fuels from sugarcane and coconut as additives to some petroleum-based products.