Green lane investments reach PHP1.2T

by Jan 30, 2024Featured Article, News

GREEN LANE. Board of Investments (BOI) Governor Marjorie Ramos-Samaniego (fifth from left) awards the Green Lane Certificate of Endorsement to Fuego Renewable Energy Corp. president Aristotle Natividad (fourth from left) at the BOI Main Office in Makati City on Jan. 18, 2024. Since Executive Order 18 was signed in February 2023, a total of PHP1.2 trillion worth of projects were up for faster permitting and licensing. (Courtesy of BOI)

MANILA – The Board of Investments (BOI) said Monday that its One-Stop Action Center for Strategic Investments (OSAC-SI) has granted green lane endorsements for PHP1.196 trillion worth of projects.

“Since the approval of EO (Executive Order) 18 in February 2023, OSAC-SI has endorsed a total of 36 projects, 28 of which are renewable energy (RE) projects,” BOI Director Ernesto Delos Reyes said in a Viber message.

OSAC-SI data showed that five of the total strategic projects have investments worth more than PHP100 billion, the biggest of which is the PHP162.92 billion, 1,000-megawatt San Miguel Bay Wind Project of CI NMF Philippines Corp., a 100-percent Dutch-owned project.

Other huge projects for green lane include the PHP150-billion digital infrastructure project of Malaysia’s EDOTCO; the Guimaras Strait Wind Project of Triconti Southern Wind Corp. and the Guimaras Strait II Wind Project of Jet Stream Windkraft Corp, each worth PHP110.8 billion; and the 650-MW Samar Norte Offshore Wind Power Project of CI NMF worth PHP108.3 billion.

Aside from RE and digital infrastructure projects, the BOI has endorsed big-ticket investments in manufacturing and food security activities.

According to the BOI, 22 of the projects with green lane endorsement have yet to register with investment promotion agencies (IPAs).

On the other hand, some of the projects were registered as early as 2019, and some got their IPA approvals in 2022 and 2023.

Under EO 18, President Ferdinand R. Marcos Jr. directed all national government agencies and local government units to expedite the processing of licenses, permits, and other related documents for projects with huge economic impact.

The EO 18 also established the OSAC-SI at the Department of Trade and Industry’s (DTI) BOI to evaluate investments and grant eligible projects with Certificate of Green Lane Endorsement.

Floating solar

One of the latest projects that received its green lane endorsement was the PHP22.6-billion Pantabangan Floating Solar Power Plant of Fuego Renewable Energy Corp. (FREC).

The floating solar project spanning 500 hectares on the Pantabangan Lake will be producing 464 MWac of clean power.

The project is scheduled for commissioning by 2025. It would create some 2,000 temporary and permanent direct jobs during its construction, commissioning, operations, and maintenance.

“With this green lane endorsement, let us cooperate to make sure that this project will be in operation by 2025,” BOI Governor Marjorie Ramos-Samaniego told FREC executives during the awarding of the endorsement last January 18.

“With this latest green lane endorsement, we expect to achieve the same results and materialize our project at the soonest. We are very thankful to President Marcos and the BOI for creating policies that make our country an attractive and efficient market to do business,” FREC president Aristotle Natividad said.

The Pantabangan floating solar project is the fourth project of the FREC to secure a green lane certificate.

Other projects with green lane endorsements include the 137 MWac Ubay Solar Power Plant, the 175 MWac MWac Barotac Viejo Solar Power Project, and the 60 MWac Gamu Solar Power Plant. (PNA)