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Manila Bulletin devider Business devider Trade & Industry devider Green lane-certified investments surpass P2-trilion mark

Green lane-certified investments surpass P2-trilion mark

Published Jun 20, 2024 09:42 am

The Board of Investments (BOI) reported that the total value of investments granted green lane certifications has surpassed P2 trillion.

Data from the One-Stop Action Center for Strategic Investments (OSAC-SI) showed that 74 projects amounting to P2.32 trillion have been certified as of June 20, 2024.

These green lane certifications were initiated following the implementation of Executive Order No. 18 by President Ferdinand Marcos Jr. in February 2023, which streamlined the processing of strategic investments.

Being granted green lane status accelerates the issuance of permits and licenses, facilitating the resolution of strategic investment-related issues. 

 

Strategic investments are those that align with the Philippine Development Plan or similar national development strategies and exhibit significant capital investment, positive environmental impact, contributions to the country's balance of payments, complex technical processes, enhancement of infrastructure capabilities, and consequential economic effects.

Among the 74 green lane-certified projects, 65 are in the renewable energy sector, with investments totaling P1.95 trillion. 

Additionally, green lane-certified investments in digital infrastructure amount to P338.23 billion across five projects. 

Furthermore, two projects, each in the food security and manufacturing sectors, have been certified by OSAC-SI, with investments valued at P3.40 billion and P29.61 billion, respectively.

According to the BOI, among the 74 projects, 32 are currently registered with the investment promotion agency, with a combined investment outlay of P1.309 trillion. 

The majority of these registered green lane-certified projects are concentrated in the renewable energy sector, comprising 25 projects valued at P1.040 trillion.

BOI Director Ernesto delos Reyes said there has been a surge in applications for renewable energy investments after the government allowed 100 percent foreign ownership in the renewables industry. 

Delos Reyes added that investors also perceive the Philippines as an ideal location for renewable energy ventures due to abundant sunlight and wind resources. 

In November 2022, the Department of Energy (DOE) issued Department Circular (DC) No. 2022-11-0034, amending a section of the Implementing Rules and Regulations (IRR) of the Renewable Energy (RE) Act of 2008. 

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