October 6, 2024 | 12:00am
MANILA, Philippines — Investments for projects endorsed for green lane processing for faster processing of permits have reached P4.3 trillion as of September, according to the Board of Investments (BOI).
Speaking at the Economic Journalists Association of the Philippines – AboitizPower Renewable Energy Forum BOI Investments Assistance Service director Ernesto Delos Reyes Jr. said the agency has endorsed 158 projects worth P4.3 trillion to go through green lane processing.
Green lanes were created under Executive Order (EO) 18 issued by the Office of the President in February last year to expedite the processing of permits and licenses for strategic investments in the country.
Of the 158 projects, the bulk or 128 are in renewable energy, with investments amounting to P3.91 trillion.
Also part of those endorsed for green lane services are 22 projects worth P13.50 billion involving food security.
Six projects covering digital infrastructure with investments amounting to P346.33 billion have also been approved to go through the green lanes.
In addition, two manufacturing projects with P29.61 billion worth of investments were also endorsed for green lane processing.
Delos Reyes said EO 18 was the government’s response to enhance the ease of doing business by mandating the creation of green lanes so government agencies will expedite, streamline and automate processes for strategic investments.
“The EO is in support of the Marcos administration’s eight-point agenda, specifically ensuring the level playing field by strengthening market competition and reducing barriers to entry and limit to entrepreneurship to make the country more competitive with other Southeast Asian countries,” he said.
He said the EO is intended to address delays in processing of regulatory permits and licenses for investments both from domestic and foreign sources.
The BOI aims to approve around P1.25 trillion to P1.5 trillion worth of investments this year.
From January until mid-September, investments approved by the BOI hit an all-time high of P1.35 trillion.
In 2023, total investments approved by the BOI amounted to P1.26 trillion.
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