Renewable energy (RE), which dominated the portfolio of projects certified as strategic by the Board of Investments (BOI) in 2024, is set to continue driving investments this year.
Ernesto delos Reyes, director at the BOI’s Investment Assistance Service (IAS), shared that the agency has received 24 RE project applications for Green Lane processing—a faster approval track. He emphasized that this expedited processing is key to attracting high-value projects, like those in RE.
“Enhanced business conditions ignite the adoption of energy efficiency measures and fuel the transition to cleaner energy sources. This progress propels the Philippines toward its renewable energy targets and strengthens its global climate commitments. By expediting timelines, we enable companies to launch initiatives without delay, allowing them to deploy clean energy technologies with remarkable agility. Streamlining regulatory requirements reduces perceived investment risks, encouraging both local and international investors to channel resources into innovative energy solutions,” delos Reyes said in an interview on Jan. 23, 2025.
The IAS assists investors in obtaining Green Lane certification for high-impact projects.
In a report released on Dec. 26, 2024, the BOI revealed it had certified 141 RE projects, totaling P4.13 trillion, underscoring the government’s commitment to sustainability. This accounts for approximately 91 percent of the P4.54 trillion in certified strategic projects as of that date.
Projects certified as strategic must align with the Philippine Development Plan or similar national development frameworks. These projects are characterized by significant capital investments, positive economic and environmental impacts, contributions to the country’s balance of payments, complex technical processes, and a potential to enhance the nation’s infrastructure.
Under Executive Order No. 18, strategic projects pass through the Green Lane, which streamlines inter-agency coordination, local government endorsements, and other processes.
Delos Reyes pointed out that the Green Lane is transformative, cutting through bureaucratic delays to fast-track permits and approvals for RE projects.
In the 2024 BOI report, RE projects made up 80 percent of the 176 projects certified as strategic, with the remaining projects focused on digital infrastructure, food security, and manufacturing.
“The success of the Green Lane highlights the Philippines’ growing prominence as a hub for strategic and sustainable investments. By fast-tracking approvals under EO 18, we have aligned these investments with national priorities, including renewable energy development, job creation, and economic resilience,” said BOI IAC executive director Bobby Fondevilla in his comment on the Dec. 26, 2024 report.
The BOI report said in December 2024, six projects worth P39.8 billion were certified, led by a P12.72 billion wind project in Region 4-A.
The BOI also granted Green Lane access to Buhawind Energy Philippines, a joint venture between PetroGreen Energy Corp. and Denmark’s Copenhagen Energy, for its three offshore wind power projects. With a combined target installed capacity of 4,000 MW and an investment of P694 billion, these projects will soon operate in Northern Luzon, Northern Mindoro, and East Panay, generating over 50,000 jobs from construction to operation.