Philippines’ ‘green lane’ program racks up P5.17T worth of projects
The Board of Investments is the lead investment promotion agency in the Philippines. Image from the BOI Facebook page
MANILA, Philippines — The Board of Investments (BOI) said it has tallied P5.168 trillion worth of investments under the government’s green lane program. The roster which now includes 203 projects.
BOI director Ernesto Delos Reyes Jr. on Wednesday said renewable energy projects continue to account for the largest share. They represent 78.33 percent or 159 of the total.
“This sector significantly drives foreign investments and is expected to create over 272,000 jobs, highlighting its importance for environmental and economic growth,” Delos Reyes said in a message sent to reporters.
In particular, the BOI official said that 4.43 percent of the projects are in digital infrastructure. Also, 15.27 percent are in food security and 1.97 percent in manufacturing.
READ: Renewable energy projects dominate government’s green lane program
In addition, investments in digital infrastructure reached P364.877 billion and are expected to generate over 20,500 jobs.
In food security, investments amounted to P18.698 billion with around 7,319 jobs.
Manufacturing drew P36.905 billion in investments and is projected to create 3,998 jobs.
Delos Reyes said these investments are expected to create over 303,000 jobs. These will support national economic goals and renewable energy initiatives.
Green lane program meant to ease processes
The green lane program was launched in February 2023 through Executive Order No. 18. It is meant to fast-track, streamline and automate government approval and registration processes for investments identified as a priority or strategic.
Applications for the program can be submitted to the BOI either in person, via the agency’s green lane QR code, or by emailing [email protected].
Projects under the green lane program include the P200 billion solar power initiative by Meralco PowerGen Corp.
There are also the projects of SP New Energy Corp. subsidiary Terra Solar Philippines Inc.
Also under the program is the P3.4 billion agribusiness venture of the Metro Pacific Investments Corp. (MPIC). This encompasses a large-scale vegetable farm in Bulacan and a dairy farm in Laguna.
