Green lane investments now at P2.3-T

Investments that were granted with Green Lane Certification from the Board of Investments are now more than P2.3 trillion.

“As of June 20, 2024, One-Stop Action Center for Strategic Investments (OSAC-SI) has certified a total of 74 projects worth P2.321 Trillion,” the BoI in a report on Thursday said.

Certified projects under the renewable energy (RE) topped the list with 65 green lane approvals, amounting to P1.950 trillion; followed by digital infrastructure with a total cost of P338.227 billion; food security (P3.400 billion); and manufacturing (P29.607 billion), with both two approved projects.

From 2021 to 2026, the Philippines aims to increase its geothermal power generation capacity by 91 MW. Currently, there are 19 potential locations in the exploration stage.

In 2020, the Department of Energy, in formulating the 2020–2040 National Renewable Energy Program targets, proposed an additional capacity of 777.6 MW based on the awarded contracts.

June 2024 numbers

The BoI report further stated that for June 2024, a total of P265.465 billion worth of strategic investments was certified, the highest of which is a P183.205 billion solar power project in Luzon.

“Out of the 74 projects, 32 are already registered with BoI with a total project cost of P1.309 trillion while 42 projects are still being eyed for registration or considered as investment leads worth P1.022 trillion,” the BoI report read.

As of 20 June, 63 applications still need to complete the requirements, namely 37 projects under RE with a total project cost of P709.361 billion; 19 in food security amounting to P9.9814 billion; two projects in digital infra with a project cost of P22.571 billion; and an approved project for manufacturing with the amount of P50.8 billion.

Executive Order No. 18 of President Ferdinand Marcos Jr. mandates all national government agencies to establish green lanes that will expedite the process of obtaining necessary licenses and permits for investments. Strategic investments are those that are aligned with the Philippine Development Plan or any similar national development plan and are expected to make a significant contribution to the economy by bringing in substantial capital or investments, improving the country's balance of payments, and enhancing its infrastructure capabilities.

These investments will be categorized as follows: (1) Highly Desirable Projects, (2) Foreign Direct Investments (FDIs), and (3) Projects or activities under the Strategic Investment Priority Plan (SIPP).

Additionally, the BOI is mandated to establish OSAC-SI within six months of the EO's issuance, to serve as the sole point of entry for all projects that qualify as strategic investments.