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Wednesday, July 24, 2024

BOI, DA approve P9.59-b agricultural investments

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The Board of Investments (BOI), in partnership with the Department of Agriculture (DA), approved P9.59 billion worth of agricultural projects under the 2022 Strategic Investment Priority Plan.

Trade Secretary and BOI chairman Alfredo Pascual highlighted the government’s focus on agricultural investments to modernize the sector, enhance food security and foster sustainable practices.

“This collaboration between the BOI and the DA is a testament to our commitment to a competitive, innovative, and sustainable agricultural sector,” Pascual said.

The BOI approved six large-scale projects amounting to P13.38 billion from February to June 2024, with the agricultural sector leading investments at P6.05 billion. This underscored the success of the government’s Green Lane initiative in expediting the approval of high-impact agricultural projects.

Some of the approved projects feature innovative technologies and sustainable practices such as Metro Pacific Dairy Farms Inc. which will utilize Israeli-inspired dairy farming principles, artificial intelligence and state-of-the-art equipment to produce over 9 million liters of dairy and plant-based products annually.

Metro Pacific Fresh Farms, in collaboration with Israel’s LR Group, will employ Nutrient Film Technique (NFT) to cultivate high-quality vegetables in a resource-efficient manner.

SL Agritech Corp. will focus on hybrid rice seed and palay production, increasing local farmers’ productivity and competitiveness, while Vifel Ice Plant and Cold Storage Inc. and Chick Haven Inc. will establish vital cold storage and hatchery facilities, respectively.

“These projects are not only transforming the agricultural landscape but also generating thousands of jobs across the country, particularly in rural areas,” Pascual said.

Resource-Based Industries Service (RBIS) director Raquel Echague emphasized the importance of close coordination with lead agencies like the DA to understand industry needs.

The BOI said it remains focused on positioning the Philippines as a regional hub for high-tech agriculture, prioritizing climate-smart technologies, artificial intelligence and farm mechanization.

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