‘Green-lane’ investments hit P6.32 trillion by end of May

THE BOARD of Investments (BoI) has endorsed P6.32 trillion worth of projects to the “green lane” system of expedited permits as of the end of May, with investments mainly in renewable energy (RE) and food security. 

The BoI said that 237 projects have been endorsed to its One-Stop Action Center for Strategic Investments since it was established in February 2023.

Of the total, RE investments accounted for 76.79% of green-lane endorsements, with 182 RE projects valued at P5.41 trillion.

About 33 food security projects totaling P19.68 billion were cleared for green-lane status, the BoI said.

Nine digital infrastructure projects worth P401.69 billion and seven manufacturing projects valued at P67.04 billion were also green-lane certified.

The BoI also endorsed five public-private partnership infrastructure and water projects, as well as one pharmaceutical project to the green lane system. The projects were valued at P416.08 billion and P45 million, respectively.

It also noted that 10 RE projects that totaled P137.47 billion were removed from the pipeline following the surrender of their service contracts to the Department of Energy.

In the first five months, 15 projects worth P345.60 billion were certified for green-lane processing. This included 13 RE projects with a total cost of P344.62 billion and two food-security projects worth P980 million.

The green lane-certified projects as of the end of May are expected to generate 38,818 jobs, the BoI said.

Created through Executive Order No. 18, the green lane program was established to expedite and streamline the processing of permits and licenses to ensure that the regulatory environment is conducive to business activity.

A project is eligible for green lane status if it is deemed a strategic investment by the Philippine Development Plan or a comparable national development framework.

In terms of status, 159 projects valued at P5.47 trillion are in the pre-development stage, 47 projects worth P377.44 billion under construction, nine projects costing P190.20 billion in pre-operations, and 22 projects worth P277.37 billion operational. — Beatriz Marie D. Cruz