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Manila Bulletin devider Business devider Hydroponic farm gets BOI tax incentives

Hydroponic farm gets BOI tax incentives

Published Sep 20, 2022 03:50 pm

The Board of Investments (BOI) has approved the P60-million project hydroponic farm project of Denso Philippines Corporation (DNPH) in Ibaan, Batangas.

DNPH’s hydroponic farm project called SMART Agriculture will produce high-value crops, including microgreens, kale, arugula, herbs, and melons. The project, which was inaugurated in August this year, is part of the company’s vision for a food secure and resilient Philippines with prosperous farmers, contributing to environmental protection and balanced growth.

Part of the investments would be used to build a climate-resilient greenhouse. The company will also develop an integrated pest/disease management.

Endorsed by the Department of Agriculture (DA), the farm can help DA attain its goal of improving the country’s agriculture industry, contributing to the attainment of food security in urban areas across the country as well as securing a sufficient supply of fruits and vegetables.

Naoto Inuzuka, President and CEO of Denso International Asia Thailand (DIAT) said the project will apply technology that will innovate the country’s agriculture.

DNPH Manager Cris Gonzales said the project is the start of more investments in innovative agricultural technology in the country.

The project’s target market are hotels, restaurants, online market (e-commerce), culinary schools, and other food-related businesses in Central Business District areas in the country.

The farm involves the commercial production of vegetables using hydroponic growing technology with plans to use IoT (internet of things) for nutrient dosing and monitoring through sensors. Hydroponics is a soil-less farming system that includes the process of growing plants with the use of mineral nutrient solution through an inert medium such as perlite, gravel, mineral wool, expanded clay, or coconut husk.

Through hydroponics, water remains in the system and is reused, which, in turn, can decrease carbon footprint.

In 2027, the global hydroponics market is projected to reach $13.4 billion, increasing at a market growth of 19.2 percent Compound Annual Growth Rate (CAGR) during the forecast period of 2021 –2027.

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