ZAMBOANGA CITY: The Regional Board of Investments (RBOI) of the Autonomous Region in Muslim Mindanao (ARMM) on Wednesday said its first semester investments have reached P1.62 billion and exceeded last year’s overall registered investments of P1.46 billion.
This developed after the RBOI approved Agumil Philippines Inc.’s registration of its oil palm kernel crushing plant worth P170 million in the town of Buluan in Maguindanao.
Agumil’s move contributed to the P1.451 billion investment generated during the first quarter of this year by Lamsan Power Corporation’s P921.56 million biomass renewable energy investment and SR Languyan Mining Corporation’s P520 million nickel ore mining project, among others.
Agumil is a Filipino-Malaysian company registered with RBOI since 2006 and is engaged in oil palm milling, mainly exporting its products to Malaysia. It operates an oil palm mill with a capacity of 45 tons per hour in Buluan.
Because of its operations, the company has accumulated a sizable amount of quality palm kernels—enough to process into palm kernel oil and cake for animal feeds.
This prompted the company to construct a crushing plant near the milling plant to make good use of these kernels. The crushing plant is expected to accommodate 500 cyclical construction workers and 54 new jobs.
Aside from being a business partner of over 6,000 oil palm growers in Maguindanao and nearby areas, Agumil is also expected to put up a biomass power plant to support the energy needs of its milling and crushing plants within this year or in early 2015. The excess power will be sold to the national transmission grid.
RBOI Chairperson lawyer Ishak Mastura hopes big local companies will continue to invest in ARMM to take advantage of the positive business atmosphere in the region.