The Board of Investments said Friday it approved the registration of two agriculture projects and one renewable energy (biomass) project worth a combined P2.8 billion.
These include Axelum Resources Corp.’s P270-million agglomerated coconut milk powder and other plant-based infused coconut milk powder products project as a new export producer with an annual production capacity of 1.65 million kilograms; Mindoro Harvest Energy Co. Inc.’s P1.22 billion eight-megawatt biomass power plant; and Biotech Farms, Inc.’s P1.33-billion expansion of live hog production with an additional 54,600 hogs (5,460,000 kg) capacity.
It said agriculture/agribusiness projects reached P364.8 million in the first quarter, up by 132 percent from P157.4 million in the same period last year. The sector also recorded a 13-percent growth in projects in 2020 despite the pandemic with P3.84 billion from P3.4 billion in 2019.
The power project, meanwhile, added to the growing power/electricity investments, which already reached P122 billion in approved projects in the first quarter, up 2,800 percent from P4.2 billion on year.