BOI supports high-tech agriculture and F&B sectors with incentives

The Board of Investment (BOI) highlighted the significant business opportunities and innovation potential in the Philippine agriculture and food and beverage (F&B) sectors during the 3rd F&B Modernization and Innovation Summit held on May 22-23, 2024.

In a keynote presentation, BOI’s Resource-Based Industries (RBIS) Division highlighted the importance of the Industrial Development Program (IDP) and the Enterprise Recovery and Tax Incentives for Enterprises (CREATE) Act in supporting a robust industrial ecosystem.

BOI-RBIS Branch Chief Francis M. Peñaflor emphasized that the main goal of the IDP is to create a better future for Filipinos by developing industries and attracting investments that will provide jobs, foster innovation and enhance the competitiveness of local industries.

Peñaflor highlighted the incentives available under the CREATE Act, especially for agribusiness projects.

“We hope that we will eventually count you among our BOI-registered and supported investors in the high-tech agriculture and food and beverage sectors,” he told summit participants.

From 2017 to 2023, approximately 170 agribusiness projects were registered with the BOI, attracting over PHP75 billion in committed investments and potentially generating approximately 23,000 direct jobs.

Over the past five years, BOI has registered various innovative agribusiness projects. These include an irradiation facility using electron beam technology, drone spraying to protect crops, natural foliar fertilizers, modern urban farming projects using hydroponics, the development of hybrid seeds and indoor temperature-controlled tulip production.

Peñaflor emphasized that technologically advanced agriculture is one of the priority industries for promotion and development, consistent with the government’s industrial strategy based on science, technology and innovation. This initiative aims to position the Philippines as a regional hub for smart and sustainable industries.

Organized by Mykar Events, the summit served as a platform for industry stakeholders to facilitate discussions and networking opportunities to advance the local F&B sector.

The latest technologies, pro-ecological solutions and digital innovations were presented, including automation in the food industry, which aim to contribute to food security through production efficiency and quality improvement.

During the summit, BOI’s participation and commitment in supporting the development of the local agribusiness industry was emphasized.

By providing strategic interventions and leveraging the incentives provided in the CREATE Act, BOI aims to drive innovation and growth in the high-tech agriculture and food and beverage sectors.

The Board of Investments (BOI) is the leading investment promotion agency in the Philippines, tasked with promoting the country as an attractive investment destination. The CREATE Act, passed in 2021, provides businesses with significant tax incentives and other benefits to stimulate economic recovery and growth.