Renewable energy remains the preferred business projects entered into the express green lane of the Board of Investments (BoI), aligning with the quest of the Marcos Jr. administration to bring clean energy to the country.
During the Economic Journalists Association of the Philippines (EJAP)-AboitizPower Renewable Energy Forum on Friday at the Securities and Exchange Commission in Makati City, BoI-One-Stop Action Center for Strategic Investments (OSACSI) director Ernesto De Los Reyes presented that by end-September 2024, there are 128 RE projects given with Green Lane Certification with a total project cost of P3.909 trillion.
“There are 90 plus projects, most of them in RE that are awaiting Green Lane Certification. Some of those will seek accreditation by next year. We are now focused on streamlining, as some government agencies and LGUs have their policies. There should be an alignment when it comes to expediting these strategic projects,” he said in a media interview.
Other projects trailing the RE sector are the food security with 22 certified projects (P13.504 B); six digital infrastructure projects (P346.329 B) and the manufacturing sector with two certified projects amounting to P29.607 billion.
De Los Reyes noted that as of 30 September, the total worth of expedited investments was P4.299 trillion.
Earlier, BoI managing head, Undersecretary Ceferino Rodolfo, stressed that 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,” Rodolfo said.
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).
Goal is sustainable dev’t
“The BoI remains committed to fostering a business-friendly environment and positioning the Philippines as a key destination for both local and foreign investments, with a focus on renewable energy and sustainable development,” Rodolfo said.
Executive Order 18, or the Constituting Green Lanes for Strategic Investments, was issued by the Office of the President on 23 February 2023, aiming to expedite, streamline and automate government approval and registration processes for priority investments or strategic investments.
EO 18 is part of the current administration’s Eight-Point Agenda, to make the country more competitive in attracting foreign direct investments.
Key features of the EO include the creation of the OSACSI, mandatory establishment of Green Lanes across all government agencies, including Local Government Units, simultaneous processing of applications and crafting of an Investor’s Guidebook for strategic sectors.
The forum, with the theme “Powering A Sustainable Future”, tackled government and private sector initiatives towards achieving the Philippines’ 35 percent RE target by 2030 and 50 percent by 2050.
Other speakers who graced the forum were Securities and Exchange Commission Commissioner Javey Paul Francisco, Energy Secretary Raphael Lotilla, Energy Regulatory Commission Director Sharon Montaner, AboitizPower chief engineering and project officer Rolando “Don” Paulino, First Gen Corp. vice president for power marketing, trading and economic Carlos Lorenzo Vega, and BDO Capital & Investment Corp. president Eduardo Francisco.