Sunday, April 21, 2024

Renewable Energy Investments Dominate PHP1.9 Trillion Green Lane Projects

4686

Renewable Energy Investments Dominate PHP1.9 Trillion Green Lane Projects

4686

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Department of Trade and Industry (DTI) Secretary Alfredo Pascual said Tuesday 51 out of 59 projects endorsed for green lane treatment are in the renewables sector.

During the awarding of Green Lane Certificate to Prime Infrastructure Inc. in Parañaque City, Pascual said the One-Stop Action Center for Strategic Investments (OSAC-SI) under the Board of Investments (BOI) has granted green lane endorsements to 59 projects worth PHP1.9 trillion as of April 1.

The 51 renewable energy (RE) projects with a green lane certification amounted to PHP1.57 trillion.

Other projects under green lane include four digital infrastructure investments worth PHP302.16 billion, two food security projects worth PHP29.61 billion, and two manufacturing projects worth PHP3.4 billion.

Through Executive Order (EO) 18 signed by President Ferdinand R. Marcos. Jr. in February 2023, OSAC-SI provides endorsement to strategic investments for green lane treatment in concerned national government agencies and local government units.

“President Marcos Jr. mentioned during the Bagong Pilipinas Kick-off Rally last January that services must be fast, projects must be completed on time, deadlines must be met as scheduled, and distress calls must be responded to promptly. He also emphasized that red tape must be replaced with a red carpet in any government office,” Pascual said.

The DTI chief added that EO 18 “exemplified the administration’s keen reform efforts to address investor pain points.”

The latest projects endorsed for green lane treatment are Prime Infra’s 1,400-megawatt Pakil Pumped Hydroelectric Power Project and the 600-MW Wawa Pumped Storage 1 Hydroelectric Power Project, with investment values of PHP296 billion and PHP143 billion, respectively. (PNA)