BOI approves P3.74 trillion RE projects via green lane

MANILA, Philippines — More than P3.7 trillion worth of investments for renewable energy (RE) projects have been endorsed for expedited processing of permits, according to the Board of Investments (BOI).

In a statement, the BOI said RE projects accounted for the bulk of the 126 projects with total investments amounting to P4.13 trillion endorsed for green lane services.

In particular, 114 RE projects with investments amounting to P3.74 trillion have been endorsed to go through green lane processing of permits.

Executive Order 18, which was approved by the Office of the President in February 2023, created the green lanes to fast-track the processing of permits and licenses for strategic investments in the country.

Apart from RE, other sectors with significant investments endorsed for green lane processing include digital infrastructure with P346.33 billion, food security with P4.14 billion and manufacturing with  P29.61 billion.

Of the 126 certified projects, 43 with investments worth P1.91 trillion have been registered with the BOI.

Of the registered projects, 36 are in the RE sector with a total project cost of P1.64 trillion.

Meanwhile, 83 projects worth P2.22 trillion are in the pipeline for registration.

For September alone, 11 projects with P895.76 billion worth of investments were certified for green lane services, including a P289-billion offshore wind power project in Ilocos Norte.

“The green lane initiative ensures that the Philippines remains competitive on the global stage, attracting investors who prioritize innovation and sustainability,” Trade Undersecretary and BOI managing head Ceferino Rodolfo said.

With over P4 trillion worth of investments certified for green lane services, he said the government is setting a clear path toward RE growth, job creation and reducing the carbon footprint.

“This initiative is not only a testament to the government’s commitment to creating a more efficient and business-friendly environment, but also a vital tool for accelerating strategic projects that drive sustainable development,” Rodolfo said.