MANILA, Philippines - The Board of Investments (BOI) has approved the registration of two agribusiness projects worth a total of P2.4 billion.
The BOI has approved the P2.32 billion integrated production project of Thai-owned Charoen Pokphand (CP) and the P127.1 million project of Filipino company United BLC.
The CP project will involve parent stock farms in Tarlac and Pangasinan as well as six broiler farms in Bulacan and Nueva Ecija.
The farms are expected to produce up to 21,847 metric tons annually and are set to begin operations in February 2013.
The project is CP’s third in the country following its recent investment in aqua feeds and breeder or slaughter hogs.
United BLC meanwhile, intends to expand its existing hatchery in the country.
United BLC’s 10,000 square meter hatchery project located in Indang, Cavite, will be leased exclusively by Tyson Agro-Ventures Inc., one of the country’s leading broiler chicken producers.
The plant which will have an annual capacity of 26.952 million chickens is expected to begin commercial production in January next year.
With the approval of registration of both projects, they qualify for incentives from the government such as income tax holidays and other perks.
Agriculture or agribusiness projects are among activities that qualify for incentives being offered by the government.
The 2012 Investment Priorities Plan (IPP) which serves as the government’s investment promotions blueprint, has included agriculture or agribusiness and fishery under the list of preferred activities.