As a testament to the strides taken to raise the country's laggard investments, the country's main investment promotion agency, the Board of Investments reported registering P720 billion worth of investments for the year until August.
In a forum on Thursday, BoI Governor Marjorie Ramos-Samaniego said they now see positive investment growth for the rest of the year.
"As of August of 2023, the BoI approvals amounted to 72 percent of the P1-trillion investment target for the year," she added.
Last Tuesday, BoI chairperson and Trade Secretary Alfredo Pascual said he is confident of hitting and even surpassing the 2023 investment approvals target of P1.5 trillion.
He said the investment promotion agency has projects in the pipeline, some of which came from past foreign trips of President Ferdinand "Bongbong" Marcos Jr. and the investment missions of the Department of Trade and Industry.
Last year, the BoI approved an estimated P729 billion worth of new projects, which is 11 percent higher than the P655.4 billion approved in 2021.
On Thursday, the BoI announced that it granted green lane endorsement to five floating solar power projects in Laguna Lake under Executive Order 18 or "Constituting Green Lanes for Strategic Investments," meant to expedite, streamline and automate government approval and registration process of priority and strategic investments.
"In keeping with the government's goal of accelerating the realization of green investments in the Philippines, the BOI has given the go-ahead to ACEN Corporation's requests for Green Lane processing of several renewable energy ventures located in Laguna Lake," Pascual explained.
The approved projects include SolarAce4, AC Laguna, AC Subic, GigaWind1 and Ingrid Floating Solar Power Plants, which are consistent with the government's mission to accelerate the growth of eco-friendly investments.
In accordance with EO 18, the five renewable energy. or RE, projects are now identified and designated as strategic investments, which are expected to be completed between 2026 and 2027.
Obtaining green lane status expedites permit and license issuance, including resolving strategic investment issues.
Trade Undersecretary and BoI managing head Ceferino Rodolfo awarded the Green Lane Certificates of Endorsement to ACEN president and CEO Eric Francia in an awarding ceremony at the BoI Main Office in Makati City last 6 September 2023.
BoI Governor Ramos-Samaniego and Executive Director Bobby Fondevilla of the Investment Assistance Center are present in the ceremony, and ACEN representatives namely Anabelle Natividad, authorized representative; Atty. Lucky Aranas, project lawyer; and Miguel Ignacio, project manager.
SolarAce4 covers 100 hectares of the lake surface area in Santa Cruz, Laguna, and will produce a 140-megawatt peak of clean energy.
AC Laguna Floating Solar Power Plant — AC Laguna is located on 200 hectares of lake surface area in Victoria and Pila, Laguna, and will generate 280MWp of clean energy.
The AC SUBIC Floating Solar Power Plant, occupying 200 hectares of lake surface area in Victoria and Santa Cruz, Laguna, is expected to produce 280MWp of clean energy.
GigaWind1 Floating Solar Power Plant covers 200 hectares of lake surface area in Kalayaan and Paete, Laguna and will generate 280MWp of sustainable energy.
Finally, Ingrid Floating Solar Power Plant is located on 100 hectares of lake surface area in Lumban, Laguna and will produce 140MWp of clean energy.
At the forefront of Asia Pacific's renewables revolution, ACEN is the first energy company in Southeast Asia to announce a Net Zero roadmap.
ACEN, established in 2011, is the renewable energy platform of the Ayala Group.
Its portfolio continues to grow with new solar and wind farms under construction in the Philippines, Australia, Vietnam, Lao PDR and India.
ACEN aims to be the largest listed renewables platform in Southeast Asia and is targeting to reach 20 GW of renewable capacity by 2030. Its key markets are the Philippines, Australia, Vietnam, Indonesia and India.