Over P5 trillion investments OKd for green lane processing

‘The issuance of green lane certifications gives opportunities for Airstream Renewable Corp. and XG (NexGen) to have bigger roles toward promoting clean energy in the Philippines, thus addressing critical issues such as environmental sustainability, prices of electricity and sufficiency of energy supply.’

MANILA, Philippines — Investments endorsed for green lane processing crossed the P5-trillion mark as of April, according to the Board of Investments (BOI).

Data released by BOI yesterday showed that the agency has certified 202 projects with investments amounting to P5.17 trillion as of April 4.

The green lanes, which were created under Executive Order 18, aim to expedite, streamline and automate the processing of permits and licenses for strategic investments.

The bulk of the investments endorsed by the BOI for green lanes are in the renewable energy (RE) sector.

The agency has approved 158 RE projects worth P4.75 trillion to be processed through green lanes.

Among the RE projects that have been granted green lane certifications by the BOI are the four wind farms of NexGen Energy Corp. subsidiary Airstream Renewable Energy Corp. with investments amounting to P300 billion.

NexGen Energy said in a statement that the four projects located in Quezon are the 200-megawatt Pandan Labayat Wind Farm, 2000-MW Real Offshore Wind Farm, 300-MW Silang Maragondon Wind Farm and the 300-MW Mauban Offshore Wind Farm.

“The issuance of green lane certifications gives opportunities for Airstream Renewable Corp. and XG (NexGen) to have bigger roles toward promoting clean energy in the Philippines, thus addressing critical issues such as environmental sustainability, prices of electricity and sufficiency of energy supply,” NexGen president and CEO Eric Peter Roxas said.

BOI data also showed that nine digital infrastructure and public-private partnership projects worth P364.88 billion were endorsed for green lanes.

Also approved for green lane processing were 31 projects with total investments of P18.7 billion in the food security sector.

In the manufacturing sector, four projects with investments amounting to P36.91 billion were endorsed for green lanes.