The Board of Investments (BOI) has approved a total of P4.13 trillion in high-impact projects, including hundreds of renewable energy (RE) investments, through its green lane initiative.
Of the 126 projects certified by the BOI, 119 are clean energy projects, with a combined investment value of P3.74 trillion. This surge in RE investments is attributed to the implementation of Executive Order (EO) No. 18, signed by President Marcos in February 2023.
EO No. 18 established green lanes for strategic investments, streamlining the approval process and making it more attractive for foreign investors.
The One-Stop-Action-Center for Strategic Investments (OSAC-SI) was created as a single entry point for investors, providing them with a more efficient and convenient way to navigate the investment landscape in the Philippines.
BOI undersecretary Ceferino Rodolfo said that the impact of green lanes is positioning the country as a hub for smart and sustainable outlays.
"The Green Lane initiative ensures that the Philippines remains competitive on the global stage, attracting investors who prioritize innovation and sustainability. With over Php4 trillion in investments already certified, we are setting a clear path towards renewable energy growth, job creation, and reducing our carbon footprint,” Rodolfo elaborated.
“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,” he added.
This month, the BOI approved 11 projects valued at P895.76 billion. This includes the P289 billion offshore wind power project in Ilocos Norte.
“Notable projects include three offshore floating wind farms, representing over Php 600 billion in investment 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,” the BOI stated.
Because of the green lane certifications, Aboitiz-led PV Sinag Power, Inc. has begun operations of the 94.717 megawatt-power Cayanga-Bugallon Solar Power Project in Panagasinan.
Subsequently, Calabanga Renewable Energy (CARE) Inc. began its operations on the 74.13 megawatt Calabanga Solar Power Project valued at P3.6 billion.
“With the 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),” BOI added.
Aside from this, the BOI said that there are about 83 projects valued at P2.22 trillion that are in the pipeline for registration.
Through expediting these projects, the investment bureau said that this would support the country’s goals to boost RE capacity, minimize carbon emission, and generate more jobs.