BOI clears 31 food security projects worth P18.7B
The Board of Investments (BOI) has granted green lane certifications to 31 food security projects worth a combined P18.7 billion, thus expediting regulatory approvals.
In a statement on Friday, the Department of Trade and Industry (DTI) said that projects approved by the BOI as of end-June include modern breeder farms and a major coconut processing facility.
These projects are expected to boost local production and generate over 7,000 jobs for Filipinos, according to the agency.
Broken down, 17 of these projects are breeder farms, eight fattening pig production facilities, a feed mill, a cold storage facility, a greenhouse vegetable production, an integrated dairy farm, a wean-to-finish farm and a coconut processing facility.
The planned coconut processing facility is seen to employ 4,725 workers. On the other hand, breeder farms are seen to generate 1,009 jobs.
The DTI also said that 17 projects are in the predevelopment stage, while seven are under construction. Six others are operational and the remaining one is in preoperational status.
“Our drive for food security goes hand in hand with creating sustainable jobs for Filipinos. This initiative directly addresses President Ferdinand Marcos Jr.’s directive to strengthen local production and lower food costs for Filipino families,” Trade Secretary and BOI chair Cristina Roque said.
Executive Order No. 18, signed by President Marcos in February 2023, established the green lane to streamline, expedite and automate government approval and registration processes for projects that are considered strategic investments.
Per the EO, strategic investments refer to projects that are aligned with the Philippine Development Plan or any similar national development plan.
These can be characterized by the significant capital or investment to the country, consequential economic impact, positive impact on the environment and significant contribution to the country’s balance of payments, with complex technical processes and engineering designs, and will improve the country’s infrastructure capabilities.
Since its inception, 222 projects worth P5.75 trillion had been tagged as green lane projects via the BOI’s One-Stop Action Center for Strategic Investments.
Of these, 176 are in renewable energy, 31 in food security, nine in digital infrastructure and public-private partnerships and six in manufacturing.
