Renewable energy projects have taken center stage at the Board of Investments (BOI) this year, as they constitute approximately 80% of the project approvals.
The BOI, under the leadership of managing head and Trade Undersecretary Ceferino Rodolfo, has given the green light to 33 renewable energy projects with a total worth of P343 billion as of May 23, 2023. These projects are primarily led by German and Singaporean firms.
In total, the BOI approved 102 projects with investments amounting to P496 billion during the same period. The surge in interest and investments in renewable energy can be attributed to the Department of Energy’s decision to cease endorsing coal projects. As a result, investors have redirected their focus towards the renewable energy sector.
To avail incentives, project proponents submit applications through investment promotion agencies such as the BOI. Once approved by the BOI, the applications are subsequently forwarded to the Fiscal Incentives Review Board (FIRB) for final approval.
However, only one out of the 102 projects has received approval from the FIRB. This particular project is valued at P5.68 billion, with P1.45 billion of the investment coming from foreign investors. It is expected to generate 102 additional jobs upon implementation.
Out of the total P496.98 billion investments approved by the BOI, only P29.6 billion from three projects has been endorsed to the FIRB for final approval. The remaining projects are awaiting the FIRB’s decision.
As renewable energy continues to gain prominence in the investment landscape, the BOI plays a crucial role in promoting and supporting these projects, fostering sustainable growth and contributing to the country’s transition towards a greener future.
