Trade and Industry Secretary Alfredo Pascual. | PHOTO: EUGENE ARANETA
MANILA, Philippines — The government has approved P1.4 trillion worth of investments under the state’s green lane program during the first quarter of this year, expanding further the roster of investments that will be fast-tracked, most of which are in the renewable energy (RE) sector.
Data from the Department of Trade and Industry (DTI) released on Tuesday shows that these encompass 36 projects, 35 of which are RE projects and the remaining one in digital infrastructure.
This brings the total number of projects under the government’s green lane program to 59 projects since 2023, with an aggregate value of P1.9 trillion.Of this total, 51 are related to RE, four to digital infrastructure, two to manufacturing, and another two to food security.
READ: Key projects pass green lane
Also on Tuesday, Trade Secretary Alfredo Pascual led the ceremonial awarding of green lane certificates to the two of the most recent eligible projects under the program
These two are 1,400-megawatt (MW), P297-billion Pakil Pumped Storage Hydroelectric Power Project of Ahunan Power Inc., and the 600-MW, P143.9-billion Wawa Pumped Storage 1 Hydroelectric Power Project of Olympia Violago Water Power Inc.
Growth engine
Pascual highlighted the importance of expanding the renewable energy sector in the Philippines to meet the country’s target of achieving a 35 percent renewable energy share in the national power generation mix by 2030.
READ: Bongbong Marcos: EO No.18 a huge leap forward
“We acknowledge that the private sector is the true engine of economic growth. You generate employment opportunities, empower families, and drive progress nationwide,” Pascual said in his speech during the event held in Parañaque City.
“Therefore, the green lane initiative goes beyond a whole-of-government approach. It fosters a whole-of-nation strategy toward economic prosperity. Through collaboration, we can identify areas for continuous improvement and refine government reforms to meet the evolving needs of our times,” he added.
The goal of the government’s green lane program is to expedite, streamline and automate government approval and registration processes for projects which are deemed as strategic investments. INQ