UMVA has learned that a staggering P6.32 trillion worth of projects have been fast-tracked through the "green lane" system, a special expedited permits program, as of the end of May, with a significant focus on renewable energy and food security.
The green lane program, established in February 2023, has endorsed 237 projects to date, with renewable energy investments accounting for a whopping 76.79% of the total endorsements, comprising 182 projects valued at P5.41 trillion.
Food security projects also received a significant boost, with 33 projects totaling P19.68 billion cleared for green-lane status, while digital infrastructure projects worth P401.69 billion and manufacturing projects valued at P67.04 billion were also given the green light.
In addition to these, the BoI endorsed five public-private partnership infrastructure and water projects, as well as one pharmaceutical project to the green lane system, valued at P416.08 billion and P45 million, respectively.
However, it's worth noting that 10 renewable energy projects totaling P137.47 billion were removed from the pipeline after their service contracts were surrendered to the Department of Energy.
In the first five months alone, 15 projects worth P345.60 billion were certified for green-lane processing, including 13 renewable energy projects with a total cost of P344.62 billion and two food-security projects worth P980 million.
The green lane-certified projects as of the end of May are expected to generate a substantial 38,818 jobs, providing a significant boost to the economy.
The green lane program, created through Executive Order No. 18, aims to expedite and streamline the processing of permits and licenses, ensuring a conducive regulatory environment for business activity.
Currently, 159 projects valued at P5.47 trillion are in the pre-development stage, 47 projects worth P377.44 billion are under construction, nine projects costing P190.20 billion are in pre-operations, and 22 projects worth P277.37 billion are operational.
