MANILA, Philippines — A total of P1.9 trillion worth of strategic projects have been approved for green lane processing, the Board of Investments (BOI) said.
Speaking at the awarding of the green lane certificates of endorsement to the power projects of Prime Infrastructure Capital Inc. yesterday, Trade Secretary and BOI chairman Alfredo Pascual said 59 projects worth P1.9 trillion have been approved by the BOI covering the period of 2023 until the first quarter of this year for green lane services.
Of the total, 51 are under the renewable energy sector with investments amounting to P1.57 trillion.
Four projects with investments amounting to P302.16 billion involve digital infrastructure. Two projects worth P3.4 billion involve manufacturing, while two other projects valued at P29.61 billon are on food security.
Meanwhile, the BOI granted endorsements yesterday for green lane services to the 1,400-megawatt Pakil Pumped Storage Hydroelectric Power project in Laguna of Ahunan Power Inc. and the 600-MW Wawa Pumped Storage 1 Hydroelectric Power project in Rizal of Olympia Violago Water & Power Inc. (OVWPI).
Ahunan Power and OVWPI are subsidiaries of Prime Infrastructure.
With a project investment of over P296 billion, the Pakil project is expected to be among the largest pumped storage power plants in Asia.
The project, which will commence operations in 2030, is expected to be able to supply 10 to 12 hours’ worth of 1,200-MW power daily to as much as two million households.
The Wawa pumped storage project, which has an investment of over P143 billion, is expected to help ensure sustainable energy solutions for 35 years after it starts operations by 2030.
“In our energy portfolio, we are strategically aggressive in the pumped storage space, given the critical role these projects will play in enabling government transition commitment. Given the complexity of these projects, the green lane endorsement of DTI and BOI will significantly assist Prime Infra and its subsidiaries in expediting the execution of these initiatives,” Prime Infrastructure chairman Enrique Razon Jr. said.
President Marcos issued Executive Order 18 for the creation of green lanes for strategic investments in February last year to address the pain points faced by investors when doing business in the country.
Through the green lanes, the aim is to expedite, streamline and automate government processes for strategic investments.