Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo (fourth from left) hands the green lane certificate of endorsement to Juan Eugenio L. Roxas, president and CEO of FDC Utilities Inc. (fifth from left) at the BOI Main Office in Makati City on June 11, 2024. With them are
Atty. Rizel C. Barsabal, senior investments specialist; Lubin R. De Vera, Jr. division chief; Director Ernesto C. Delos Reyes Jr.; Roderick Fernandez, vice president, corporate planning and project development; Jaymelyn M. Laforteza, AVP, project development; Atty. Lysander N. Castillo, AVP, corporate communications, sustainability, and external Affairs.
MANILA, Philippines — The P4.8-billion hydroelectric plant of the diversified conglomerate Filinvest Development Corp. has been endorsed by the Board of Investments (BOI) to the government’s green lane program, bringing it a step closer to being among the projects that will be fast-tracked to completion.
In a statement on Friday, the BOI said it awarded the green lane certificate of endorsement to the 33.4-megawatt (MW) Pampang Hydroelectric Power Project of FDC Renewables Corp., the power arm of the Gotianun-led firm.
BOI Managing Head and Trade Undersecretary Ceferino S. Rodolfo, along with officials from the government agency’s One-Stop Action Center for Strategic Investments, presented the certificate to FDC Utilities Inc. president and chief executive officer Juan Eugenio L. Roxas, last June 11.
READ: Renewable energy projects dominate government’s green lane program
Rodolfo noted that hydropower projects have significant energy potential, and the Pampang Hydroelectric Power Project will substantially contribute to addressing the energy supply gap in Luzon.
According to the BOI, the project is expected to help augment the Luzon grid’s supply, citing the forecast from the Department of Energy that demand will grow at an average of 5.5 percent per year until 2040.
“Despite the pandemic’s impact on near-term demand, projections suggest a return to original growth estimates by 2030,” the BOI said.
Significant energy potential
Roxas said the endorsement could not have come at a more opportune time.
“With constant red and yellow alerts of the three grids, expediting the construction and completion of this project will not only improve the energy supply for Luzon but will also generate jobs for hundreds of Filipinos and spur development to IP [indigenous people] communities in the area,” said the company executive.
“The Pampang Hydroelectric Power Project is one of the many initiatives Filinvest is pursuing to help the country attain energy security,” he added.
The green lane for investments is meant to expedite, streamline, and automate government approval and registration processes for investments deemed as a priority or strategic.
Launched in February 2023, the program was firmed up as a policy under Executive Order No. 18 which was issued in the same month.
Earlier this week, the BOI said that more than P2.3 trillion worth of investments have been approved so far under the said program, most of which are in the renewable energy sector.
These investments span 74 projects dispersed in other major industries, which include digital infrastructure, food security, and manufacturing.