BOI okays P2.8-B projects in agri and biomass

The Board of Investments (BOI) reported on Friday that it has greenlighted P2.8 billion worth of investments in agriculture and renewable energy.

The Department oftrade and Industry’s (DTI) attached agency said that the recent approvals include Axelum Resources Corp.’s P270-million agglomerated coconut milk powder and other plant-based infused coconut milk powder products project with annual production capacity of 1.65 million kilograms.

The new manufacturing line of Axelum in Misamis Oriental is expected to generate around 400 jobs. It aims to export all of its products, bulk or 80 percent of which will go to the Americas.

The BOI also approved Mindoro harvest energy Co. Inc.’s 8-megawatt (MW) biomass power plant amounting to P1.22 billion.

The biomass project is expected to be finished by end-2022, with a commissioning date of January 2023. BOI said the plant, once operational, would contribute to the 26.8 million uncontracted demand of Oriental Mindoro electric Cooperative Inc.

Lastly, Biotech Farms Inc.’s P1.33-billion expansion for its live hog production, adding 54,600 hogs, secured nod from BOI.

The firm is looking to expand its swine division with the addition of a 2,500 sow-level piggery farm. Currently, its South Cotabato facility has a capacity of 114,400 hogs.

The investment promotion agency said that projects from agriculture sector went up by 132 percent to P364.8 billion in the first quarter from P157.4 million year-on-year. As of end-march, power or electricity investments soared exponentially to P122 billion from just P4.2 billion in the previous year for the same comparable period.

Trade Undersecretary and BOI Managing head Ceferino Rodolfo said that agriculture and power industries, which are both resource-based industries, have been the most resilient amid the pandemic.

“The uptrend of project registrations particularly in the agriculture/agribusiness sector will go a long way towards boosting the sector’s output this year,” he said.