INVESTMENTS worth P1.9 trillion were approved for green lane service as of April 1, 2024, with majority for the renewable energy (RE) sector, the Department of Trade and Industry (DTI) said on Tuesday.
Trade Secretary Alfredo Pascual said that a total of 59 projects were approved after Executive Order 18 was signed in 2023 to the start of April this year. Signed by President Ferdinand Marcos Jr., the order created strategic investment green lanes to reduce the cost of doing business in the Philippines.
"Of the 59 projects, 51 are under the RE sector, involving investments totalling P1.5 trillion. The remaining projects are in the digital infrastructure, manufacturing and food security sectors," Pascual said during the ceremonial awarding of Green Lane Certificates of Endorsement in Parañaque City.
Data from the DTI showed that there are four digital infrastructure approved for green lane service worth P302.15 billion; two projects related to food security worth P29.6 billion; and another two projects under the manufacturing sector with an estimated amount of P3.4 billion.
During the event, Pascual endorsed Prime Infrastructure Inc.'s two largest pumped storage hydroelectric power projects, which will boost the growth of the country's clean and sustainable energy sources.
Prime Infrastructure Board Chairman Enrique Razon Jr. was presented the certificates to green light Ahunan Power Inc.'s 1.400-megawatt (MW) Pakil Pumped Storage Hydroelectric Power Project worth P296.98 billion.
Meanwhile, Olympia Violago Water and Power Inc.'s 600-MW Wawa Pumped Storage 1 Hydroelectric Power Project, also by Prime Infrastructure, costs P143.9 billion.
"We recognize the need to expand our energy sources to fuel our nation's fast-growing economy. Given our commitment to sustainable development, our bias is for renewables. Hence, the DTI has proactively promoted and facilitated renewable energy investments through DTI's green lane initiative," said Pascual.
He also emphasized the need to expand the country's renewable energy sector to meet the target of achieving a 35-percent RE share in the national power generation mix by 2030.
The Trade chief also said that the department's One-Stop Action Center, responsible for overseeing the green lanes, has initiated inter-agency discussions with other agencies such as the Department of Energy and the Department of Environment and Natural Resources.
The discussions aim to tackle diverse issues within the permitting procedures in the RE sector.
Last year, the Board of Investments approved P1.26 trillion worth of investments, a 73-percent increase from the P729.1 billion in 2022.
"This impressive figure includes the largest recorded approval yet, close to P990 billion in the crucial renewable energy sector," said Pascual.
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