BOI backs high-tech agri, F&B sectors with incentives

The Board of Investments (BOI) highlighted significant business opportunities and the potential for innovation in the Philippine agriculture and food and beverage (F&B) sectors at the 3rd F&B Modernization and Innovation Summit, held from May 22 to 23, 2024.

In a keynote presentation, BOI’s Resource-Based Industries Service (RBIS) underscored the importance of the Industry Development Program (IDP) and the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act in fostering a robust industrial ecosystem.

BOI-RBIS Division Chief Francis M. Peñaflor emphasized that the primary 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, specifically for agribusiness projects.

“We do hope that we will eventually count you among our BOI-registered and incentivized investors in the high-tech agriculture and F&B sectors,” he told the summit attendees.

From 2017 to 2023, approximately 170 agribusiness projects were registered with the BOI, attracting over PHP 75 billion in committed investments and potentially generating around 23,000 direct jobs.

In the last five years, the BOI has registered various innovative agribusiness projects. These include an irradiation facility using electron-beam technology, drone spraying applications for crop protection, natural foliar fertilizers, modern urban agriculture projects powered by hydroponics, hybrid seed development, and indoor temperature-controlled tulip production.

Peñaflor highlighted that high-tech agriculture is one of the priority industries for promotion and development, aligned with the government’s Science, Technology, and Innovation-led Industrial Strategy. 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.

It featured state-of-the-art technologies, eco-friendly solutions, and digital innovations, including automation in the food and beverage industry, aiming to contribute to food security through production efficiency and quality enhancement.

The BOI’s participation and commitment to supporting the development of the local agribusiness industry were emphasized throughout the summit.

By delivering strategic interventions and leveraging the incentives provided by the CREATE Act, the BOI aims to drive innovation and growth in the high-tech agriculture and F&B sectors.

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