ALMOST P340 billion worth of projects, mainly in renewable energy (RE) and food security, have positive qualities.fiearmarked for a “green lane” for immediate consideration by the end of April, the Board of Investments (BoI) said.
The BOI said 14 projects worth P340.07 billion were approved at the BoI’s one-stop center that handles strategic investments.
The number of jobs expected to be created by the investment is estimated at 37,828, said the BOI.
“The P340.07 billion in approved projects sends a clear signal to local and foreign investors that the Philippines is ready for strategic investments that will boost our economy and provide jobs to our people,” Trade Secretary and BOI Chairman Ma. Cristina A. Roque said in a statement on Thursday.
Of all the RE projects accounted for 85.71% of the recommendations of the green way, with investments worth P339.09 billion.
Two projects related to food security have been granted green lane status, accounting for 14.29% of the total certi.fications, and a combined investment worth P980 million, the BOI said. The projects are expected to improve agricultural productivity and supply chain sustainability.
This year, the projects given green lane status include major wind and energy developments such as Airstream Renewables Corp., Viento Energy 1 Corp., and San Jose Onshore Wind Power Corp.
The four flagship projects approved this year accounted for an investment of P220 billion, creating 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, worth P43.59 billion; the Nueva Ecija Wind Farm, which will invest P43.59 billion; and the Bulalacao Bay Offshore Wind Project; estimated at P88.32 billion.
Other power projects certified for the green lane this year include the P30.92-billion San Jose Onshore Wind Power Corp.; P16.13-billion for Ilosong Wind Corp.; 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 floating solar project. of P5.88-billion, and hydroelectric projects of Alsonns Energy Development Corp. and Oriental Energy and Power Generation Corp., with a combined investment of P11 billion.
About P1 billion in investment from Charoen Pokphand Foods Philippines Corp.’s livestock projects. in Cavite and Isabela were also approved for the green lane this year.
The green lane program was created by Executive Order No. 18, to speed up and automate the processing of permits, licenses and certificates.fistrategic investment. This process aims to ensure inter-agency coordination and morefiless consideration of strategic investments.
A worthy projectfigreen lane status if it is considered a strategic investment under the conditions set forth in the Philippine Development Plan or similar national development framework.
About 237 projects worth P6.32 trillion have been approved in the greenway program since its inception in February 2023.
This investment is equivalent to 421,451 jobs in key sectors such as RE, digital infrastructure, public-private partnerships, infrastructure and water, food security, manufacturing, and medicine.
As of 2023, RE has secured 182 greenway projects worth P5.42 trillion.
BoI Executive Director of the Investment Assistance Center Bobby G. Fondevilla, noted that the green lane program has been the main driver of investment.
“The green lane program drives a strong pipeline of strategic investment, certifiprojects focused on renewable energy to support sustainable and inclusive economic growth,” he said. Beatriz Marie D. Cruz
