Renewable energy makes up bulk of investment leads – BOI

MANILA, Philippines — The Philippines continues to attract investments in renewable energy as the sector accounted for most of the projects in the more than P2 trillion investment leads tracked by the Board of Investments (BOI).

In a presentation at the International Tax and Investment Conference, BOI executive director Ma. Corazon Halili-Dichosa said the agency has generated P2.06 trillion worth of investment leads as of January covering a total of 331 projects.

On the sidelines of the conference, Dichosa said most of the investment leads are coming from the RE sector.

“RE, manufacturing, then we still have data centers. So those are the top preferences, but more of the RE projects,” she said.

In 2023, the BOI approved P1.26 trillion worth of projects, 73 percent higher than the P729.1 billion a year earlier.

The RE and power had the biggest share in BOI-approved investments last year with P987.12 billion, a 141-percent surge from P409.02 billion in 2022.

Earlier this year, the BOI said that it endorsed a number of RE projects for green lane processing.

Among these are Triconti Windkraft and Sea Wind Holdings AG’s two wind projects worth P221.6 billion in offshore Negros Occidental and Iloilo Province.

It also awarded the green lane certificate to Burgos Pangasinan Solar Energy Corp. (BPSEC) for its P2.7 billion solar power project in Burgos, Pangasinan.

It also awarded green lane certificates to four geothermal energy projects of the Philippine Geothermal Production Co. Inc. (PGPC) and the Pan Pacific Power Phils. Corp. (PPPPC).

Among these projects are three projects of PGPC such as the 51-MW Daklan Geothermal Power Project in Benguet; the 105-MW Mt. Labo Geothermal Power Project in Quezon, Camarines Norte and Camarines Sur; and the 50-MW Mt. Malinao Power Project in Camarines Sur and Albay.

The BOI stressed the importance of the green lanes in streamlining energy investments into the country.

“As the single point of entry for strategic investments and coordinating body for green lanes, OSACSI (One – Stop Action Center for Strategic Investments) will play a pivotal role in addressing issues and concerns in the renewable energy industry. This streamlined approach ensures the swift materialization of energy investments in the country,” the BOI said.

BOI director Ernesto delos Reyes Jr. reported earlier that P1.197 billion worth of projects have already been approved for green lane processing since the approval of the executive order on the establishment of green lanes services.

These cover a total of 36 projects for green lane services, 28 of which are renewable energy projects.

In February last year, the Office of the President approved Executive Order 18 which aims to hasten, simplify, and automate the permit and license application processes for strategic investments. The measure was officially launched in July of the same year.

Green lanes aim to hasten, simplify, and automate the permit and license application processes for strategic investments in the Philippines.