The Department of Trade and Industry (DTI) announced that four investment projects have been approved under the green lane program, marking the first wave of investments to qualify for the scheme launched earlier this month.
The approved projects include SunAsia Energy Inc.’s 1,300-megawatt (MW) floating solar project in Laguna de Bay worth P66 billion, NK Solar One Inc.’s 250-MW floating solar project in Caliraya, Laguna worth P15 billion, Phil-tower Consortium Inc.’s 7,907 built-to-suit common telecommunications towers worth P52 billion, and Narra Technology Development Park’s P50-billion Hyperscale Data center in New Clark City, Tarlac.
The Board of Investments (BOI), the lead investment promotion agency of the Department of Trade and Industry, stated that these four projects, which received green lane certificates, have a combined worth of P183 billion.
Trade Secretary Alfredo Pascual mentioned that these four projects are among 12 investment applications at the One-Stop Action Center for Strategic Investments, and they are expected to generate at least 19,250 jobs.
Read: Bongbong Marcos: EO No.18 a huge leap forward
The DTI introduced the green lane for investments to expedite, streamline, and automate government approval and registration processes for priority or strategic investments.
Pascual also revealed that the 12 projects showcased by President Marcos Jr. during his State of the Nation Address (Sona), with a total worth of P230 billion, span various industries including renewable energy, digital infrastructure, and manufacturing. Additionally, there are ongoing evaluations for projects worth P78.5 billion.
“Among the projects being evaluated are five more floating solar projects, a micro-hydro electric plant, a reinforcing steel bars producer, and a section mill project,” stated the BOI.
The green lanes program was established under Executive Order No. 18 issued in February.
The BOI aims to approve investments worth P1.5 trillion by 2023, following an 11% increase in investment approvals recorded last year, from P655 billion to P729 billion.
Read: BOI investments doubled to P698B in H1
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
