Board of Investments Director Ernesto delos Reyes Jr. delivers his speech at the EJAP-AboitizPower Renewable Energy Forum at the Securities and Exchange Commission headquarters in Makati City on Friday, Oct. 4, 2024. Over 90 projects worth nearly PHP2 trillion are lining up at the BOI to acquire green lane certificates. (PNA photo by Kris M. Crismundo)
MANILA – Over 90 projects worth about P2 trillion are queuing up in the One-Stop Action Center for Strategic Investments (OSAC-SI) at the Board of Investments (BOI) to acquire green lane certificates.
Most of the projects are in the Renewable Energy (RE) sector, BOI Director Ernesto delos Reyes Jr. said on the sidelines of an RE forum organized by the Economic Journalists Association of the Philippines and Aboitiz Power Corp. at the Securities and Exchange Commission headquarters in Makati City on Friday.
This pipeline of investments will further boost the current P4.3 trillion worth of projects endorsed by OSAC-SI for green lanes in national government agencies (NGAs) and local government units (LGUs).
Executive Order 18 established the OSAC-SI at the BOI which serves as a single point of entry for projects tagged as strategic investments.
The OSAC-SI issues the certificate of endorsement to strategic investments that can be presented to NGAs and LGUs to expedite the processing of necessary licenses and permits to avoid delays in their projects.
Delos Reyes said since most of the projects certified for green lane treatment are RE investments, the BOI is now pursuing projects in different sectors, especially in manufacturing, for green lane application.
He said the BOI will award a green lane endorsement certification to a cement manufacturer investing in the country on the sidelines of the ASEAN Summit in Laos this week
Moreover, since the applications for green lane have piled up in the agency, delos Reyes said the BOI is looking into putting a threshold on the investment value for green lane applications.
The investment value being considered is at least PHP3 billion, he added.
On the other hand, the BOI official said there are projects that may not require large capital but have a big impact on the economy, such as employment and innovation, among others.
“The Philippines has a lot to offer, we have both natural and human resources. But our competitors from the regions are gaining more investors because of the ease they can offer when it comes to doing business,” delos Reyes said.
“The establishment of green lanes is part of the continuing efforts of the national government to dismantle the obstacles faced by investors whenever they decide to do business here in the country.”