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Manila Bulletin devider Business devider Trade & Industry devider SunAsia-Blueleaf's $1.7 B project gets first greenlane certification

SunAsia-Blueleaf's $1.7 B project gets first greenlane certification

Published Jul 13, 2023 06:00 am
SunAsia Energy, which proposed to set up a floating solar panel project worth about $1.7 billion on Laguna Lake, is the first investor certified for green lane processing for its strategic investment. Trade and Industry Secretary Alfredo E. Pascual announced this in a welcome remark during the launch of Executive Order No. 18 Constituting Green Lanes for Strategic Investments on Thursday, July 13, in Sofitel Hotel Manila. SunAsia Energy and its partner, Singapore-headquartered Blueleaf Energy will set up a floating solar panel project on Laguna Lake to produce a total of 1.3 GW of power. As a certified green lane project, SunAsia will enjoy streamlined processing in the registration, permitting and implementation of its project. EO 18, which was signed by President Ferdinand R. Marcos Jr. in February this year aims to process without delay priority investments, including the P3.5-trillion worth of new investment leads committed by foreign investors since Marcos took office in June last year. EO 18 is another effort by the Philippines to further ease doing business, a major hurdle being faced by investors in the country. Meanwhile, Pascual admitted the obstacles, calling them “pain points” in the speedy realization of investments despite having liberalized several of business-related laws and policies. “To be more responsive in addressing the ‘pain points’ faced by investors in doing Business in our country, the President issued Executive Order (EO) No. 18 Constituting Green Lanes for Strategic Investments last 23 February 2023,” Pascual said. The greenlaning of strategic projects is critical as Pascual believes “the Philippines is poised to be Asia's next top investment destination. The signs are emerging.” He further noted that foreign investments approved for incentives in the first quarter of 2023 amounted to P173 billion, a significant increase from just P9 billion in the same quarter of last year. The Department of Trade and Industry and Marcos have embarked on various trips overseas to bring more investments into the Philippines and make doing business easier for potential investors. “His Excellency President Marcos Jr. has become the number 1 salesman of our country, promoting it as an investment destination of choice to prospective investors from across the world,” said Pascual at the launch attended by Marcos. During the past months, Pascual said the Philippine delegations have generated P3.5 trillion worth of investment leads from Singapore, Indonesia, the United States, Japan, China, Thailand, and Europe. EO No. 18 is a government-wide response to improve the ease of doing business here. The EO is meant to expedite, streamline, and automate government approval and registration processes for priority investments or strategic investments. The strategic investments are those aligned with the Philippine Development Plan 2023-2028. The EO also covers all national government agencies, government-owned and controlled corporations, and other government instrumentalities, as well as local government units involved in the issuance of permits, licenses, certifications, or authorizations covering strategic investments. The DTI and the Board of Investments (BOI) were also mandated by EO No. 18 to launch a One-Stop-Action-Center for Strategic Investments (OSAC-SI) as a single point of entry for all strategic investments. The critical provision of EO No. 18 is the simultaneous processing of applications expediting the often-long queue of permits and applications necessary to commence business operations. With this EO, the DTI, through the BOI's One-Stop-Action-Center for Strategic Investments, can effectively collaborate with key stakeholders and uphold the current administration's goal to promote ease of doing business for both local and foreign investors. To express their commitment, member agencies of the Investments Promotion Unit- Network (IPU-Net), Local Government Units (LGUs), and all other government instrumentalities are set to sign the EO No. 18 covenant to adopt a whole-of-government approach in implementing Ease of Doing Business. “This covenant conveys our joint aspirations to make the Philippines an investment destination of choice. As we all know, the successful and expeditious implementation of investments will translate into more stable and higher-paying jobs for our people without unnecessary delays,” said Pascual.
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