July 18, 2024

US$164 million of investments poured into Philippines agriculture during first five months this year

The Philippines' Board of Investments (BOI) has approved ₱9.59 billion (US$164 million) worth of investments in the country's agriculture sector during the first five months of 2024, all of which were endorsed by the Department of Agriculture (DA).

Trade Secretary Alfredo Pascual, who also sits as BOI chair, said on July 10 that the government is currently in the process of transforming the agriculture industry in the Philippines.

"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 nine 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. Additionally, 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 a hatchery facility in Davao that has an annual production capacity of about 18.25 million eggs and is operated by Chick Haven, Inc.

- Inquirer