Green lanes certified investments hit P4.13T — BOI

The amount of investments which secured green lane certifications has reached P4.13 trillion, over a year since an executive order creating green lanes to fast track processing of strategic investments was released, the Board of Investments (BOI) said Thursday.

In a statement, the BOI said that since the approval of Executive Order No. 18 a total of 126 projects were endorsed for green lanes.

In February 2023, President Ferdinand Marcos Jr. issued EO 18, which mandated the creation of green lanes as part of efforts for ease of doing business and promoting strategic investments.

Obtaining green lane status expedites permit and license issuance, including resolving strategic investment issues.

Strategic investments are those which are aligned with the Philippine Development Plan or any similar national development plan and can be characterized by the significant capital or investment to the country; consequential economic impact; positive impact on the environment; significant contribution to the country's balance of payments; with complex technical processes and engineering designs; and will improve the country's infrastructure capabilities.

The BOI said the renewable energy sector took the led with P3.74 trillion worth of investments which secured green lane status across 114 projects.

Digital infrastructure followed with P346.33 billion worth of investments across six projects.

Food security sector posted P4.14 billion of investment across four projects; and manufacturing, with P29.61 billion across two projects.

Trade Undersecretary and BOI managing head Ceferino Rodolfo highlighted the impact of green lanes in positioning the Philippines as a prime hub for smart and sustainable investments, "The Green Lane initiative ensures that the Philippines remains competitive on the global stage, attracting investors who prioritize innovation and sustainability.”

“With over P4 trillion in investments already certified, we are setting a clear path towards renewable energy growth, job creation, and reducing our carbon footprint.”

“This initiative is not only a testament to the government’s commitment to creating a more efficient and business-friendly environment but also a vital tool for accelerating strategic projects that drive sustainable development,” Rodolfo added.

In September 2024 alone, 11 projects worth P895.76 billion were certified for green lane status, including a P289 billion offshore wind power project in Ilocos Norte, according to the BOI.

The investment promotion agency said such projects are seen as vital to supporting the Philippines’ goals of increasing renewable energy capacity, reducing carbon emissions, and creating local jobs.

Notable projects include three offshore floating wind farms, representing over P600 billion in investment through a Filipino-Danish partnership under BuhaWind Energy Philippines.

Located off the coasts of Northern Luzon, Northern Mindoro, and East Panay, these wind farms will collectively generate 4 gigawatts (GW) of power, significantly strengthening the country’s renewable energy sector.

Additionally, two projects previously granted green lane certifications have now commenced operations.

These are PV Sinag Power Inc. (PVSPI), a subsidiary of Aboitiz Power, which has begun commercial operations of its 94.717 MWp Cayanga-Bugallon Solar Power Project in Pangasinan.

With the BOI’s green lane endorsement, the provisional authority to operate was fast-tracked, significantly reducing the usual 60-day processing period required by the Energy Regulatory Commission (ERC).

Nexif Ratch Energy Investments Pte. Ltd. (NREI) recently inaugurated its Calabanga Solar Power Plant in Camarines Sur on September 12, 2024.

The BOI’s endorsement in June 2024 accelerated the project’s timeline, allowing for quicker deployment.

The Calabanga Solar Power Project, operated by Calabanga Renewable Energy (CARE), Inc., has a capacity of 74.13 MW and represents an investment of P3.695 billion.

Construction began in mid-2023, and the project has received its Certificate of Endorsement (COE) from the Department of Energy (DOE), confirming its alignment with the country’s Power Development Plan. — RSJ, GMA Integrated News