The Board of Investments (BOI) reported that it had approved six projects following President Marcos’ decision in February to raise the investment promotion agencies (IPAs) threshold to P15 billion.
According to the Department of Trade and Industry's (DTI) IPA, the BOI greenlit six projects amounting to P13.38 billion from Feb. 2 to June 11 this year.
Earlier, the Cabinet-level Fiscal Incentives Review Board (FIRB) approved a resolution increasing the investment capital threshold for projects assigned to IPAs such as BOI to P15 billion and below from P1 billion.
The highest investments, amounting to P6.05 billion, were led by the agriculture sector.
Following this, the transportation and storage industry received investments totaling P3.95 billion.
“The BOI aims to position the Philippines as a regional hub for globally competitive, innovative, and sustainability-driven industries,” the IPA said.
High-tech agriculture, encompassing climate-smart technologies, artificial intelligence, and farm mechanization, is a priority sector.
“The Philippines has the strategic location, human resources, and natural resources to advance this goal,” the BOI said.
Last July 10, the BOI granted approval for agricultural projects totaling nearly P9.59 billion, endorsed by the Department of Agriculture (DA) as Tier II agri-based projects.
Among the approved projects was the Metro Pacific Dairy Farms Inc.'s facility in Bay, Laguna. It is an integrated dairy farm and processing facility that can produce over nine million liters of dairy and plant-based beverages annually.
The facility is set to utilize dairy farming principles and techniques based on the Israeli model, incorporating artificial intelligence and state-of-the-art equipment powered by a solar power plant.
With these advancements, the BOI said the facility aims to achieve four times the average milking yield of the local industry.
In San Rafael, Bulacan, the Metro Pacific Fresh Farms Inc. will be producing 1,620 metric tons of vegetables annually.
This project, in partnership with Innovative Agro-Industry (IAI), an affiliate of Israel's LR Group, will employ technologies developed for growing high-quality vegetables in challenging desert climates.
The project will also utilize the Nutrient Film Technique (NFT), a hydroponic method for leafy greens that maximizes productivity while minimizing water and nutrient usage.
SL Agritech Corp. is also planning to become a new producer of hybrid rice seeds and palay in Tabuk City, Kalinga.
Once completed, the facility will be capable of producing 17.5 million kilograms of hybrid rice seeds and 3.5 million kilograms of palay annually.
The BOI said the use of hybrid rice technology is expected to help local farmers increase their production and remain competitive against imported rice.
In Tagoloan, Misamis Oriental, Vifel Ice Plant and Cold Storage, Inc. is set to build a cold and dry storage facility with a capacity of 5,824 pallets (2.1 million pallet-days) for cold storage and 2,606 pallets (951,190 pallet-days) for dry storage.
Additionally, Chick Haven, Inc. will operate a hatchery facility in Toril, Davao City, with an annual capacity of 18.2 million eggs.
Raquel Echague, Resource-Based Industries Service (RBIS) director, said these projects are expected to create thousands of jobs—both direct and indirect—in various regions of the country, as well as rural employment opportunities, and help increase farmers' incomes.
“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 government should be providing,” Echague said.