At the forefront of the wave of Ease of Doing Business reforms, the Board of Investments (BoI) listed a total of 126 projects worth P4.13 trillion since the approval of Executive Order 18 under the green lane scheme for strategic investments, a key initiative aimed at expediting the approval of high-impact projects.
The projects span several critical sectors, with renewable energy leading the charge with P3.74 trillion involving 114 developments.
Other sectors also seeing significant investments include digital infrastructure, with P346.33 billion across six projects; food security, with P4.14 billion 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.
For September 2024 alone, 11 projects worth P895.76 billion were certified, including a P289-billion offshore wind power project in Ilocos Norte.
Out of the 126 certified projects, 43 have been registered with the BoI, representing P1.91 trillion in investments, while the remaining 83, worth P2.22 trillion, are in the pipeline for registration.
“These projects are seen as vital to supporting the Philippines’ goals of increasing renewable energy capacity, reducing carbon emissions, and creating local jobs,” the official said.
Notable projects include three offshore floating wind farms, worth P600 billion 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.
Aboitiz Power, among Green Laned deals
Additionally, two projects previously granted Green Lane certifications have now commenced operations. PV Sinag Power Inc., a subsidiary of Aboitiz Power, 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.
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.
Nexif Ratch Energy Investments Pte. Ltd. recently inaugurated its Calabanga Solar Power Plant in Camarines Sur on 12 September 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 Inc., boasts 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 from the Department of Energy, confirming its alignment with the country’s Power Development Plan.
Established under Executive Order 18, the Green Lane for Strategic Investments aims to simplify and streamline the approval process for high-impact projects in the Philippines.
The initiative provides a single-entry point for investors through the One-Stop-Action-Center for Strategic Investments, reducing the need for multiple regulatory agencies for project approvals.