January 6, 2025 | 12:00am
MANILA, Philippines — Around P639 billion worth of projects are seeking green lane status for expedited processing of permits and licenses, according to the Board of Investments (BOI).
Data from the BOI showed there are currently 30 projects amounting to P639.086 billion that have filed for application for green lane certification.
Bulk or 80 percent of the projects involve the renewable energy (RE) sector.
In particular, 24 projects worth P584.562 billion under the RE sector have applied for green lane certification.
“Two of the RE projects are wholly owned by Canadian and Singaporean investors with an investment value of P7.5 billion,” BOI Investment Assistance Service director Ernesto Delos Reyes Jr. said.
Also seeking green lane status are four manufacturing projects valued at P54.304 billion.
In addition, two food security projects amounting to P220 million filed applications for green lane services.
Green lanes were created under Executive Order 18, issued in February 2023, to streamline the processing of licenses and permits for investments that are expected to create high impact and drive economic growth.
The move is expected to help position the country as a prime destination for both local and foreign investments.
“Evaluation of applications to the green lane includes determination of the projects’ qualifications as strategic investments and the proponents’ capability to undertake the project from pre-development and construction until commercial operations,” Delos Reyes said.
As of Dec. 26, 2024, the BOI has certified 176 projects amounting to P4.54 trillion under the green lane initiative.
These certified projects cover RE, digital infrastructure, food security and manufacturing.
The RE sector dominates the portfolio with 141 projects worth P4.13 trillion certified for green lane services.
Eight projects amounting to P352.13 billion are in digital infrastructure, while 23 projects valued at P14.37 billion involve food security and four projects with a total cost of P36.91 billion are in manufacturing.
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