Makati City—The Board of Investments’ One-Stop Action Center for Strategic Investments (OSAC-SI) has recorded a significant predominance of renewable energy (RE) projects among those fast-tracked for approval this year.
According to Philippines News Agency, speaking at the inaugural Renewable Energy Forum, BOI Director Ernesto Delos Reyes Jr. reported that out of 158 projects granted green lane endorsement for expedited documentary processing, 128 were focused on renewable energy. These RE projects, identified as strategic investments from January to September, command a combined capital of PHP 3.91 trillion. "Approximately PHP 1.29 trillion of these investments are foreign equity," Delos Reyes stated at the event hosted by the Economic Journalists Association of the Philippines (EJAP) and Aboitiz Power Corp. at the Securities and Exchange headquarters.
The 158 projects certified under the green lane have amassed a total of PHP 4.3 trillion in investments, which includes contributions from other sectors: six digital infrastructure projects valued at PHP 346.33 billion, 22 food security initiatives worth PHP 13.5 billion, and two manufacturing projects totaling PHP 29.61 billion.
Delos Reyes highlighted the progression of these projects, noting, "Since RE projects have long gestation periods, most of the green lane projects we have certified are still in their pre-development stage. However, as of September 2024, two projects have commenced commercial operations." He cited the Cayanga-Bugallon Solar Project in Pangasinan and the Calabanga Renewable Energy Project, both benefiting from expedited Environmental Compliance Certificate (ECC) approvals and other permit processes through the Green Lanes.
The OSAC-SI’s first year has also been marked by significant policy support for the RE sector, including the issuance of guidelines for the ECC of floating solar projects on Laguna Lake, guidelines for ECC for offshore wind power projects, and establishing a legal framework for utilizing irrigation facilities in hydropower projects. These efforts complement the BOI's assistance to the Office of the Government Corporate Counsel in decisions regarding possessory rights for Laguna Lake Development Authority projects.