Green projects dominate green lane investments 

The One-Stop Action Center for Strategic Investments (OSAC-SI) of the Board of Investments (BOI) continued to log renewable energy (RE) projects needing faster processing of their documentary requirements, according to a report by Philippine News Agency.

Speaking at the maiden Renewable Energy Forum organized by the Economic Journalists Association of the Philippines (EJAP) and Aboitiz Power Corp. at the Securities and Exchange headquarters in Makati City Friday, BOI Director Ernesto Delos Reyes Jr. said 128 out of 158 projects that received green lane endorsement were RE projects.

Delos Reyes said these 128 RE projects that were certified as strategic investments from January to September have a total capital of PHP3.91 trillion.

About PHP1.29 trillion of the RE investments in the first nine months of 2024 are foreign equity, he said.

On the other hand, the 158 green lane certified projects amounted to PHP4.3 trillion, composed of six digital infrastructure projects with PHP346.33 billion in investments, 22 food security projects worth PHP13.5 billion, and two manufacturing projects amounting to PHP29.61 billion.

“Since RE projects have long gestation periods, most of the green lane projects we have certified are still in their pre-development stage. But as of September 2024, two projects are already starting their commercial operations,” Delos Reyes said.

“One of which is the Cayanga-Bugallon Solar Project in Pangasinan whose ERC approval has been facilitated through the Green Lanes. The Calabanga Renewable Energy Project is already operating and with the Green Lane endorsement, their permits are also expedited.”

Aside from granting green lane certificates to big RE projects, the BOI, during the first year of green lane operations, also helped issue key policies in RE investments, such as the guidelines for programmatic Environmental Compliance Certificate (ECC) of floating solar projects in Laguna Lake, the guidelines for ECC for offshore Wind power projects, and the legal framework on the use of irrigation facilities for hydropower projects.

It also assisted the Office of the Government Corporate Counsel on the decision on possessory rights for the Laguna Lake Development Authority projects.