GREEN LANES CERTIFIED INVESTMENTS REACH P2.321-T —BOI DATA

The amount of investments which secured green lane certifications has grown to over P2 trillion, more than a year since an executive order creating green lanes to fast track processing of strategic investments was issued.

Data released by the Board of Investments (BOI) on Thursday showed that the One-Stop Action Center for Strategic Investments (OSAC-SI) —a single point of entry for all projects qualified as strategic investments— certified certified a total of 74 projects worth P2.321 trillion as of June 20, 2024.

In February 2023, President Ferdinand Marcos Jr. issued Executive Order No. 18, which mandated the creation of green lanes as part of efforts for ease of doing business and promoting strategic investments.

Obtaining green lane status expedites permit and license issuance, including resolving strategic investment issues.

Strategic investments are those which are aligned with the Philippine Development Plan or any similar national development plan and can be characterized by the significant capital or investment to the country; consequential economic impact; positive impact on the environment; significant contribution to the country's balance of payments; with complex technical processes and engineering designs; and will improve the country's infrastructure capabilities.

Broken down, of the 74 green lane-certified projects, 65 are in the renewable energy sector with investments worth P1.95 trillion.

Green lane-certified investments in digital infrastructure, meanwhile, stood at P338.23 billion consisting of five projects.

Moreover, the OSAC-SI certified two projects each in food security and manufacturing sectors with investments amounting to P3.40 billion and P29.61 billion, respectively.

Out of the 74 projects, the BOI said 32 are already registered with the investment promotion agency with a total investment cost of P1.309 trillion.

Most of the green lane-certified projects registered with the BOI are in the renewable energy sector at 25 projects amounting to P1.040 trillion.

BOI Director Ernesto delos Reyes said the agency saw an exponential growth in renewable energy investment applications after the government allowed 100% foreign ownership in the renewables sector.

“They are increasing as they view the Philippines as a hub for renewable energy because we have the sunlight, the wind… so this green lane initiative boosts the confidence of investors, especially foreign investors, because there is a single point [office] that assists them,” delo Reyes said.

In November 2022, the DOE issued Department Circular (DC) No. 2022-11-0034 which amended a section of the Implementing Rules and Regulations (IRR) of the Renewable Energy (RE) Act of 2008, thereby allowing 100% foreign ownership in renewable energy investments. —RF, GMA Integrated News

This article Green lanes certified investments reach P2.321-T —BOI data was originally published in GMA News Online.

2024-06-20T10:12:29Z dg43tfdfdgfd