Department of Trade and Industry-attached agency, Board of Investments has reported that it has already posted P1.9 trillion for approved investments that have been endorsed to have Green Lane status through BoI’s One-Stop Action Center for Strategic Investments (BoI-OSACSI).
Trade Secretary Alfredo Pascual, who also sits as BoI chairperson, on Tuesday reported that as of 1 April 2024, 59 projects were approved by the BoI with a total of P 1.9 trillion.
“Of the 59 projects, 51 are under the renewable energy (RE) sector, involving investments totaling P1.5 trillion. The remaining projects are in the digital infrastructure, manufacturing, and food security sectors,” Pascual said.
Pascual underlined during the awarding of the certificates of endorsement for green lane services to Prime Infrastructure Inc.’s two largest pumped storage hydroelectric power projects of business tycoon Enrique K. Razon at the Solaire Resort and Casino yesterday.
35 percent renewable energy
“We need to make progress in expanding this RE sector to meet our ambitious target of achieving a 35 percent RE share in the national power generation mix by 2030,” he added.
For the first quarter of 2024, a total of P1.4 trillion in investment projects were provided by the Green Lane Certification.
As the Philippines strives for inclusive and equitable economic growth, Pascual said the DTI remains steadfast in its ongoing efforts toward secure, sustainable, and resilient energy strategies.
“We recognize the need to expand our energy sources to fuel our nation’s fast-growing economy. Given our commitment to sustainable development, our bias is for renewables. Hence, the DTI has proactively promoted and facilitated RE investments through DTI’s Green Lane Initiative,” he said.
President Marcos Jr.’s signing of Executive Order (EO) 18 last year, constituting Green Lanes for Strategic Investments, exemplifies the administration’s keen reform efforts to address investor pain points.
Whole-of-government approach
“This whole-of-government approach tackles the bureaucratic hurdles across different agencies, specifically targeting clean energy, infrastructure, green metals, electric vehicles, and pharmaceutical industries,” Pascual said.
EO 18 directly supports the Philippine Development Plan for “Revitalizing Industries,” an initiative that aims to reduce the cost of doing business and, ultimately, the cost of power for industries.
“We strive to streamline and expedite the RE permitting process among concerned government agencies through the Green Lanes,” Pascual stated.
