BOI gives go-signal to P9.6B agriculture investments
The Board of Investments (BOI) has approved P9.59 billion worth of investments in the agriculture sector during the first five months of the year, all of which were endorsed by the Department of Agriculture (DA).
Trade Secretary Alfredo Pascual, who also sits as BOI chair, said on Wednesday the government is currently in the process of transforming the agriculture industry in the Philippines.
READ: BOI-approved investments as of May hit P640B, up 14%
“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 said in a statement.
These projects include the Metro Pacific Dairy Farms, Inc.’s facility in Bay, Laguna, an integrated dairy farm and processing facility that can produce more than 9 million liters of dairy and plant-based beverage products per year.
The facility will use milk production and processing techniques developed by Israel, which uses artificial intelligence and state-of-the-art equipment supported by a solar power plant.Further, the BOI said that the facility would be able to produce four times the average milking yield of the local industry today.
Another notable project is the farm project of the Metro Pacific Fresh Farms, Inc. in San Rafael, Bulacan, which is expected to produce 1,620 metric tons of vegetables annually.
In collaboration with Israel’s LR Group affiliate, the Innovative Agro-Industry, the farm will use hydroponics to grow leafy greens to maximize productivity while minimizing water and nutrient use.
READ: BOI seeks boost to locally made biofertilizers
Also on the list is the SL Agritech Corporation’s project in Tabuk City, Kalinga, which will produce hybrid rice seeds and palay. This facility will have an annual capacity of 17.5 million kilograms of hybrid rice seeds and 3.5 million kg of palay, according to the BOI.
Another notable project is the cold and dry storage facility of the Vifel Ice Plant and Cold Storage, Inc. in Tagoloan, Misamis Oriental. The facility will have a capacity of 5,824 pallets for cold storage and 2,606 pallets for dry storage.
The roster also includes a hatchery facility in Davao with an annual production capacity of about 18.25 million eggs operated by the Chick Haven, Inc.
