P4.5T worth of investments in green-lane project pipeline
THE Board of Investments (BoI) said that it has certified 173 projects as of late December for green-lane treatment and endorsed them to the One-Stop Action Center for Strategic Investments (OSACSI).
“Right now, we have certified, as of Dec. 20, 173 projects with a total project cost of P4.5 trillion,” BoI Investment Assistance Service and OSACSI Director Ernesto C. delos Reyes, Jr. said in a briefing last week.
He added that foreign-invested green-lane projects were valued at P1.65 trillion, led by investors from Singapore, Thailand, the British Virgin Islands, and Switzerland.
According to the BoI 139 of the projects certified for green-lane treatment are renewable energy (RE) projects valued at P4.11 trillion.
In 2022, the government allowed full foreign ownership of RE related projects, unlocking an influx of investments in the industry. Foreign nationals and foreign-owned entities are now allowed to explore, develop and use RE resources such as solar, wind, biomass, ocean and tidal energy.
Foreign ownership in RE projects was previously limited to 40%.
The BoI said that it had also certified for green-lane treatment eight digital infrastructure projects involving investment of P352.13 billion.
There were also 22 projects related to food security valued at P13.95 billion, while four manufacturing projects were also certified with a total project cost of P36.91 billion.
Of the certified projects, 130 were in pre-development, 35 were under construction, three were in pre-operations, and another five were operational.
The BoI said that the five operational projects include the Calabanga Solar Farm in Naga, Camarines Sur; Bugallon Solar Farm in Pangasinan; and the Phil-tower Consortium Inc.’s common tower cellular project.
Other operational projects were LBD Digital Infrastructure Corp.’s common towers; and Charoen Pokphand Foods Philippines Corp.’s agricultural project in South Cotabato.
Established through Executive Order No. 18 in February 2023, green lanes aim to accelerate and simplify the permit and licensing processes for strategic investments. — Adrian H. Halili
