THE PHILIPPINES’ Board of Investments (BoI) on Thursday said it had endorsed P3.74 trillion worth of renewable energy (RE) projects for green-lane treatment as of Sept. 25, in line with a state goal of boosting RE capacity, reducing carbon emissions and creating local jobs.
In a statement, the investment promotion agency said 114 RE projects had been endorsed to the One-Stop Action Center for Strategic Investments since February 2023.
Of the total, P1.64 trillion worth of investments covering 36 projects were registered with the BoI, while the registrations for the remaining projects worth P2.1 trillion were still being processed.
In September alone, the BoI endorsed 11 RE projects for expedited processing, which include a P289-billion offshore wind power project in Ilocos Norte in northern Philippines.
The recent endorsements brought the total number of projects under green-lane status to 126, with an estimated cost of P4.13 trillion.
“The green-lane initiative ensures that the Philippines remains competitive on the global stage, attracting investors who prioritize innovation and sustainability,” Trade Undersecretary and BoI Managing Head Ceferino S. Rodolfo said in the statement.
“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,” he added.
Investments in RE projects increased after the government allowed full foreign ownership in the sector, which used to be cap at 40%.
Besides RE projects, green-lane-endorsed investments also include six digital infrastructure projects worth P346.33 billion, four food security projects worth P4.14 billion and two manufacturing projects worth P29.61 billion.
“Out of the 126 green-lane-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,” the BoI said.
“These projects are seen as vital to supporting the Philippines’ goals of increasing renewable energy capacity, reducing carbon emissions and creating local jobs,” it added.
The BoI had set an internal target of approving P1.25-1.5 trillion in investment pledges this year.
But the upper limit of the target was increased to P1.6 trillion in July due to the increasing number of projects in the pipeline being endorsed for green-lane status.
The latest report from the BoI showed that it had approved 225 investment pledges worth P1.35 trillion as of Sept. 15.
These surpassed full-year approvals last year worth P1.26 trillion and represented 84% of the agency’s target this year.
Meanwhile, the BoI said that two projects granted green lane certifications have started operations.
One is PV Sinag Power, Inc.’s 94.717-megawatt peak Cayanga-Bugallon Solar Power project in Pangasinan province. The other is Nexif Ratch Energy Investments Pte. Ltd.’s Calabanga Solar Power Plant in Camarines Sur.
“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,” the agency said.
It added that the endorsement of the Calabanga project in June 2024 was among the reasons why the project had a quicker deployment. The project was inaugurated on Sept. 12.
In February 2023, the government established through Executive Order No. 18 the “green-lane” system at all government agencies to speed up approvals and permits for investments. — Justine Irish D. Tabile