‘Green lane’ investments hit P340B at end of April

ABOUT P340 billion worth of projects, mostly in renewable energy (RE) and food security, have qualified for “green lane” expedited processing as of the end of April, the Board of Investments (BoI) said.

The BoI said that 14 projects valued at P340.07 billion were endorsed to the BoI’s one-stop action center handling strategic investments.

The projected jobs to be created by the investments were estimated at 37,828, the BoI said.

“The P340.07 billion in approved projects sends a clear signal to both local and foreign investors that the Philippines is ready for more strategic investments that will boost our economy and provide jobs to our countrymen,” Trade Secretary and BoI Chairman Ma. Cristina A. Roque said in a statement on Thursday.

Of the total, RE projects accounted for 85.71% of the green-lane endorsements, with investments valued at P339.09 billion.

Two projects dealing with food security were granted green lane status, accounting for 14.29% of total certifications, with combined investment valued at P980 million, the BoI said. The projects are expected to boost agricultural productivity and supply chain resilience.

This year, projects granted green-lane status include large-scale wind and energy developments like Airstream Renewables Corp., Viento Energy 1 Corp., and San Jose Onshore Wind Power Corp.

Four flagship projects approved this year accounted for P220 billion in investments, generating an estimated 30,000 new jobs in total, the BoI said.

These projects include the Pangasinan Wind Farm, with a project cost of P52.31 billion; the Samar Wind Farm, valued at P43.59 billion; the Nueva Ecija Wind Farm, which will take in investment of P43.59 billion; and the Bulalacao Bay Offshore Wind Project; valued at P88.32 billion.

Other green-lane certified energy projects this year include the P30.92-billion San Jose Onshore Wind Power Corp.; the P16.13-billion Ilosong Wind Corp.; the Energia Pulita Energy Corp., valued at P14.11 billion; and Sembrano Wind Power Corp., valued at P10.30 billion.

Other projects with green lane status include 5Hour Peak Energy Corp.’s P5.88-billion floating solar project, as well as hydropower projects by Alsons Energy Development Corp. and Oriental Energy and Power Generation Corp., with combined investments of over P11 billion.

About P1 billion in investments from Charoen Pokphand Foods Philippines Corp.’s livestock projects in Cavite and Isabela have also been endorsed for the green lane this year.

The green lane system was created by Executive Order No. 18, to expedite and automate the processing of permits, licenses and certifications of strategic investments. This mechanism seeks to ensure inter-agency coordination and the more efficient processing of strategic investments.

A project qualifies for green lane status if it is deemed a strategic investment under criteria laid out in the Philippine Development Plan or a comparable national development framework.

About 237 projects valued at P6.32 trillion have been admitted to the green-lane process since it was established in February 2023.

These investments are equivalent to 421,451 jobs across key sectors like RE, digital infrastructure, public-private partnerships, infrastructure and water, food security, manufacturing, and pharmaceuticals. 

Since 2023, RE has accounted for 182 green lane-certified projects valued at P5.42 trillion.

BoI Executive Director of the Investments Assistance Center Bobby G. Fondevilla, noted that the green lane system has been a key investment driver.

“The green lane initiative is driving a strong pipeline of strategic investments, with certified projects largely anchored in renewable energy to support sustainable and inclusive economic growth,” he said. — Beatriz Marie D. Cruz