BOI backs PH High-Tech Agri, F&B through incentives, industry dev’t

Making It Happen in the PH’s Agribusiness. The Board of Investments (BOI), represented by Division Chief Francis M. Peñaflor and a team from the Resource-Based Industries Service (RBIS), expressed commitment to support the development of the local agribusiness industry through the delivery of strategic interventions and incentives support through the CREATE Act during the 3rd Food and Beverage Modernization and Innovation Summit on May 22-23, 2024 in Parañaque City.
Making It Happen in the PH’s Agribusiness. The Board of Investments (BOI), represented by Division Chief Francis M. Peñaflor and a team from the Resource-Based Industries Service (RBIS), expressed commitment to support the development of the local agribusiness industry through the delivery of strategic interventions and incentives support through the CREATE Act during the 3rd Food and Beverage Modernization and Innovation Summit on May 22-23, 2024 in Parañaque City.

PARAÑAQUE CITY— In a demonstration of the government's ongoing commitment to advancing high-tech agriculture and the food and beverage (F&B) sector, the Board of Investments (BOI) highlighted business opportunities in the Philippines 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 significance of the Industry Development Program (IDP) and the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

BOI-RBIS’s Division Chief Francis M. Peñaflor emphasized that the primary goal of the IDP is to create a better future for Filipinos in the Philippines by developing industries and attracting investments that will provide jobs, foster innovation, and improve the competitiveness of the local industries, responsive to the needs of the local and global markets.

Notably, Mr. Peñaflor emphasized the incentives available under the CREATE Act for agribusiness projects. He highlighted the impressive record of approximately 170 agribusiness projects registered with the BOI from 2017 to 2023, which have garnered over Php75 billion in committed investments and potentially generated around 23,000 direct jobs.

In the last five years, among the modern and innovative projects registered with the BOI were an irradiation facility using electron-beam technology, drone spraying application for crop protection, natural foliar fertilizers, modern urban agriculture projects powered by hydroponics, development of hybrid seeds and indoor, temperature-controlled tulip production, among others.

“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,” Mr. Peñaflor told the attendees of the Summit.

Throughout the presentation, RBIS highlighted that one of the priority industries for promotion and industry development includes high-tech agriculture. This is aligned with the government’s thrust towards Science, Technology, and Innovation-led Industrial Strategy to position the Philippines as a regional hub for smart and sustainable industries.

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

The summit featured state-of-the-art technologies, eco-friendly solutions, and digital innovations including automation in the food and beverage industry which all aim to contribute to food security through production efficiency and quality enhancement. PR

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