BoI-approved agri investments hit P9.59B

THE Board of Investments (BoI) said it approved P9.59 billion worth of agricultural projects in the first six months of 2024.

In a statement on Wednesday, the BoI said the projects were endorsed by the Department of Agriculture as Tier II agri-based projects covered under the Strategic Investment Priority Plan.

Trade Secretary and BoI Chairman Alfredo E. Pascual said that the growing number of approved agriculture-related 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.”

These projects include Metro Pacific group’s dairy farm in Laguna and a vegetable greenhouse in Bulacan.

Also on the list are the rice seed and palay project of SL Agritech Corp., the cold and dry storage facility of Vifel Ice Plant and Cold Storage, Inc., and the hatchery of Chick Haven, Inc.

Resource-Based Industries Service Director Raquel Echague said that the projects are expected to generate thousands of jobs.

Between Feb. 2 and June 11, the BoI said it approved six projects with investments ranging from P1 billion to P15 billion, with agricultural projects accounting for P6.05 billion and transportation and storage proposals valued at P3.95 billion. — Justine Irish D. Tabile