13-7-2023 (MANILA) The largest lake in the Philippines could soon be home to a significant floating solar panels project, as it receives support through the country’s new “green lanes” for investments. The initiative aims to streamline business processes and facilitate investment in the country, addressing challenges associated with bureaucracy and permit acquisition.
Under Executive Order No. 18, which focuses on cutting red tape, national government agencies and local government units are mandated to process permit and license applications simultaneously. The key feature of this policy is the presumption that relevant documents from other agencies have already been issued, expediting the approval process.
In line with the new regulations, applicants are required to submit an affidavit of undertaking, declaring that they have obtained the necessary documents from specific government bodies and will submit the complete documentary requirements within 30 working days.
SunAsia Energy Inc., a renewable energy firm, has received the first certificate of endorsement under EO 18 for its floating solar panels project. This strategic investment is projected to generate 1,300 megawatts of energy once operational. The project aligns with the Philippine Development Plan, contributes to the country’s infrastructure development, has a positive environmental impact, and supports the balance of payments.
Foreign direct investments are also considered strategic under the executive order, emphasizing the government’s commitment to attracting and facilitating international investment.
