THE Board of Investments (BoI), logistics providers, and other government agencies are collaborating to seize investment opportunities to develop the cold chain system for the bangus (milkfish) industry.

The BoI sees substantial opportunity gains of around $126.71 million with over 120 industry stakeholders having committed to explore the potential of the cold chain and expansion of the milkfish sector.

The stakeholders include bangus producers and cooperatives, cold chain operators, logistics providers, and investors, with the majority coming from Pangasinan.

According to the United States Department of Agriculture's Building Safe Agricultural Food Enterprises (B-SAFE) program, an estimated 22,444 metric tons (MT) of milkfish in Pangasinan need post-harvest facilities and a cold chain system to improve the quality of trade and consumption.

"Hence, it underscores a substantial opportunity for potential gains of around $126.71 million, contingent upon sufficient investments to enhance processing, handling, transport, and distribution systems, along with the establishment of an efficient coordination mechanism across the industry," the BoI said.

The bureau's Resource-Based Industries Service director Raquel Echague said some companies had shown interest in the industry's expansion.

3M Dragon Logistics Corp. detailed their current business operations while Royale Cold Storage showed how it benefited from fiscal and non-fiscal incentives offered by the government after successfully registering multiple cold storage projects with the BoI.

The province of Pangasinan contributes 39 percent or roughly 138,818.74 MT to the country's total milkfish production, accounting for 52 percent of the country's milkfish trade in 2023.

B-SAFE senior policy adviser Ramon Clarete also emphasized the need for a fully functioning cold chain system for food safety, especially for export.

Initiatives of the United Nations Industrial Development Organization (Unido) through its Food Cold Chain Project, specifically the Cold Chain Innovation Hub, were also highlighted.