BOI certifies P351 billion green investments

MANILA, Philippines —   The Board of Investments (BOI) has certified P351.02 billion worth of investments under the green lane initiative in the first half, enabling the projects to benefit from streamlined permit processing.

In a statement yesterday, the BOI said that the 17 projects certified under the green lane initiative are expected to generate 39,368 jobs.

Issued in February 2023, Executive Order 18 established the green lane initiative to expedite the processing of permits and licenses needed for strategic investments.

Renewable energy (RE) continued to be the primary driver of green lane approvals in the first half as it accounted for 14 projects with P349.38 billion worth of investments.

Among the RE projects endorsed for the green lane initiative from January to June include the 50-megawatt Southwest Kalinga Geothermal Power Project of Aragorn Power and Energy Corp. valued at P5.52 billion and the P4.76-billion Wind Energy Project of Cauayan Philippines Renewable Corp. in Negros Occidental.

Once operational, these projects are expected to deliver additional clean energy capacity and support the country’s RE goals.

Likewise, two food security projects worth P980 million and expected to generate 102 jobs were also certified under the green lane initiative.

Trade Secretary and BOI chair Cristina Roque said the green lane initiative continues to strengthen the Philippines’ position as an attractive location for strategic and sustainable investments.

“The strong pipeline of green lane-approved projects reflects growing investor confidence in the Philippines and the government’s commitment to improving the ease of doing business. With more than P351 billion in investments approved in the first half and nearly 40,000 jobs expected to be generated, the green lane is proving to be a vital mechanism for advancing strategic investments that support economic growth, job creation and sustainable development,” Roque said.

Since the green lane started in February 2023, the BOI has certified 239 strategic projects with total investments amounting to P6.32 trillion.

These projects are expected to generate approximately 421,000 jobs across RE, digital infrastructure, public-private partnerships, infrastructure and water, food security, manufacturing and pharmaceuticals.

Of the total investments approved under the green lane initiative, RE continued to account for the largest share with 183 certified projects with investments amounting to P5.42 trillion.

BOI Investments Assistance Center executive director Bobby Fondevilla underscored the green lane’s role in facilitating investments and creating quality employment opportunities.

“We now see the fruition of the green lane initiative: a strong pipeline of strategic investments that are largely anchored in RE to support sustainable and inclusive economic growth,” Fondevilla said.