THE Board of Investments (BoI) reported an increase in the value of agricultural projects approved as of end-June, following the endorsement of projects by the Department of Agriculture (DA).
Projects under the farming sector totaled P9.59 billion in investments in the first half of the year. These projects, as endorsed by the DA, are classified as Tier 2 agri-based under the 2022 Strategic Investment Priority Plan and are in line with the Corporate Recovery and Tax Incentives for Enterprises Act.
Among the projects that were endorsed include the Metro Pacific Dairy Farms Inc.’s facility in Bay, Laguna. With an initial cost of more than P2 billion, the dairy farm and processing facility can produce over 9 million liters of dairy and plant-based beverages annually.
Using artificial intelligence, advanced equipment and solar power, and inspired by the Israeli model, the facility aims to produce four times the average milking yield of the current local industry.
In partnership with Israel’s LR Group affiliate Innovative Agro-Industry (IAI), Metro Pacific Fresh Farms Inc.’s farm in San Rafael, Bulacan, aims to produce 1,620 metric tons of high-quality vegetables annually.
This project also aims to use advanced technologies to grow vegetables and employ the Nutrient Film Technique, a hydroponic method for leafy greens that maximizes productivity while minimizing water and nutrient use.
Trade Secretary and BoI Chairman Alfredo Pascual said that the projects aim to transform the agricultural sector in the Philippines.
“The synergy between the BoI and the DA is already yielding significant benefits as these projects will certainly drive the adoption of new technologies and enhance food security in the Philippines — ensuring the sustainability and resilience of our agricultural systems,” he added.
The BoI also approved SL Agritech Corp.’s project to produce hybrid rice seeds and palay (unmilled rice) in Tabuk, Kalinga, with an annual capacity of 17.5 million kilograms of (kg) seeds and 3.5 million kg of palay.
Meanwhile, Vifel Ice Plant and Cold Storage Inc. will set up a facility with cold storage for 5,824 pallets and dry storage for 2,606 pallets following approval from the BoI. Chick Haven Inc. will operate a hatchery in Toril, Davao City, with a yearly capacity of 18.2 million eggs.
BoI said that the DA endorsed the projects that are seen ensuring food security and supporting sustainable agriculture.
Resource-Based Industries Service (RBIS) Director Raquel Echague, meanwhile, said that the projects are expected to create thousands of jobs nationwide, boost rural employment and increase farmers’ incomes. The RBIS is an agency under the BoI.
“Close coordination with lead agencies such as the DA greatly helps in promoting the growth of the agricultural sector as it improves understanding of the needs of the industry and the interventions that the government should be providing,” Echague said.
The BoI reported a surge in agricultural investments following the issuance of the Fiscal Incentives Review Board Resolution 003-24 on February 2. The resolution enabled the BoI to approve agricultural projects with up to P15 billion in capital.
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