P6.43 trillion green lane investments approved

The Board of Investments (BOI) in the Philippines has approved green lane status for P6.43 trillion worth of investments, facilitating faster permit processing. From February 2023 to September of this year, the BOI One-Stop Action Center endorsed 248 projects totaling P6.43 trillion under the green lane initiative.

The green lane initiative, established under Executive Order 18 in February 2023, aims to expedite the implementation of strategic investments by streamlining the processing and approval of permits and licenses. Renewable energy projects received the largest share of the green lane approvals, with 190 RE projects amounting to P5.52 trillion certified.

In addition to renewable energy, other sectors such as digital infrastructure, public-private partnership infrastructure and water, food security, manufacturing, pharmaceuticals, and infrastructure projects also received green lane status. For instance, six infrastructure projects in the public-private partnership sector were granted green lane status with investments totaling P416.75 billion.

The BOI reported that these investments are expected to generate a total of 428,074 jobs, with 26 projects in January to September alone creating 46,855 jobs. The initiative has also improved permit and licensing facilitation, reducing the average processing time from 19.12 days to 7.67 days, resulting in a 59.9% reduction in processing time.