PHP1.2-T Investments Given Green Lane Endorsements

Up to PHP1.196 trillion worth of projects were given green lane endorsements by the One-Stop Action Center for Strategic Investments (OSAC-SI), the Board of Investments (BOI) said.

The EO 18 also established the OSAC-SI at the Department of Trade and Industry’s (DTI) BOI to evaluate investments and grant eligible projects with a Certificate of Green Lane Endorsement. I Photo: ACEN

Under Executive Order (EO) 18, President Ferdinand R. Marcos Jr. directed all national government agencies and local government units to expedite the processing of licenses, permits, and other related documents for projects with a huge economic impact.

The EO 18 also established the OSAC-SI at the Department of Trade and Industry’s (DTI) BOI to evaluate investments and grant eligible projects with a Certificate of Green Lane Endorsement.

BOI Director Ernesto Delos Reyes said, “Since the approval of EO 18 in February 2023, OSAC-SI has endorsed a total of 36 projects, 28 of which are renewable energy (RE) projects.”

Based on OSAC-SI data, five of the total strategic projects have investments worth more than PHP100 billion, the biggest of which is the PHP162.92 billion, 1,000-megawatt San Miguel Bay Wind Project of CI NMF Philippines Corp., a 100-percent Dutch-owned project.

Other huge projects for the green lane include the PHP150-billion digital infrastructure project of Malaysia’s EDOTCO; the Guimaras Strait Wind Project of Triconti Southern Wind Corp. and the Guimaras Strait II Wind Project of Jet Stream Windkraft Corp, each worth PHP110.8 billion; and the 650-MW Samar Norte Offshore Wind Power Project of CI NMF worth PHP108.3 billion.

The BOI also endorsed big-ticket investments in manufacturing and food security activities.

One of the latest projects that received its green lane endorsement was the PHP22.6-billion Pantabangan Floating Solar Power Plant of Fuego Renewable Energy Corp. (FREC). This floating solar project spans 500 hectares on the Pantabangan Lake and will be producing 464 MWac of clean power.

The project is scheduled for commissioning by 2025. It is expected to create some 2,000 temporary and permanent direct jobs during its construction, commissioning, operations, and maintenance.

Also given green lane endorsements were the 137 MWac Ubay Solar Power Plant, the 175 MWac MWac Barotac Viejo Solar Power Project, and the 60 MWac Gamu Solar Power Plant.

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