The Board of Investments (BOI) said Tuesday it approved record investments amounting to P1.9 trillion under the green lane program in the first quarter of 2024.
It said this surpassed the full-year investment performance of P1.26 trillion in 2023.
Trade Secretary and BOI chairman Alfredo Pascual said renewable energy (RE) projects accounted for the biggest share in approved investments under the program.
“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,” he said.
Data showed that investments in RE reached P1.57 trillion in the first quarter, followed by four digital infrastructure projects worth P302.15 billion, two food security projects worth P29.6 billion and two manufacturing projects worth P3.4 billion.
The BOI’s One-Stop Action Center for Strategic Investments (OSACSI) recently awarded the certificates of endorsement for green lane services to the two largest pumped storage hydroelectric power projects in the country developed by Prime Infrastructure Inc.
The 1,400-megawatt Pakil Pumped Storage Hydroelectric Power Project of Ahunan Power Inc. will bring in over P296.9 billion in new investments.
It is expected to be among the largest pumped storage power plants in Asia, rendering Ahunan Power as a crucial player in the Philippines’ efforts to transition to a clean energy future.
Operational by 2030, the project will supply 10 to 12 hours’ worth of 1,200 MW daily to 2 million households.
The Wawa Pumped Storage Power Project, located in Rizal, is poised to bolster the ancillary energy supply and storage needs of the power grid.
With a storage capacity of 6,000 MWh a day and a generating output capacity of 600 MW, the project will involve investments of P143.9 billion.
Scheduled to commence operations by 2030, it will serve as vital infrastructure for the Philippines for 35 years, ensuring sustainable energy solutions until 2064.
“In our energy portfolio, we are strategically aggressive in the pumped storage space, given the critical role these projects will play in enabling government transition commitment. Given the complexity of these projects, the green lane endorsement of DTI and BOI will significantly assist Prime Infra and its subsidiaries in expediting the execution of these initiatives,” said Prime Infrastructure chairman Enrique Razon Jr.