The Board of Investments (BOI) is actively pursuing the endorsement of nearly P2 trillion worth of projects in the fourth quarter of 2024 after endorsing P4.3-trillion investments for green lane processing in the first nine months.
BOI director for investments assistance service Ernesto delos Reyes Jr. said the queue of projects up for endorsement remains substantial.
“Our running total is quite hefty. There quite a number of projects in the line-up,” delos Reyes said at the sidelines of the Renewable Energy Forum organized by the Economic Journalists Association of the Philippines (EJAP) and Aboitiz Power Corp. Friday.
The One-Stop Action Center for Strategic Investments (OSACSI) certified 158 projects valued at P4.299 trillion as of September 2024. Majority of the projects are renewable energy, numbering 128, while six are digital infrastructure projects, 22 are food security projects and two are in manufacturing.
The projects, streamlined through the green lane initiative of Executive Order (EO) 18, enjoy expedited processing of permits and approvals.
Delos Reyes acknowledged that while many green lane projects, particularly in renewable energy, have long lead times, two already commenced commercial operations.
“The Cayanga-Bugallon Solar Project in Pangasinan and the Calabanga project are already operational, with the green lane significantly expediting their permits,” he said.
The BOI said it is collaborating with legislators to codify EO 18 into law. House Bill 08039, filed with the support of Rep. Jose Manuel Alba, is under consideration, with a supplementary bill being developed by the office of Rep. Ferjenel Biron to enhance its provisions.
The proposed bill aims to streamline the simultaneous processing of applications for strategic investments, including issuing provisional permits to companies that commit to submitting complete requirements within a set timeframe.
The OSACSI is also working with Senator Mark Villar’s office to draft a corresponding Senate bill.
“The establishment of green lanes is a critical step in removing obstacles faced by investors in the Philippines,” delos Reyes said.
“EO 18 demonstrates the government’s commitment to simplifying procedures and reducing bureaucracy to improve ease of doing business,” he said.
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