COTABATO CITY: The Regional Board of Investments of the Autonomous Region in Muslim Mindanao (RBOI-ARMM) has recently approved a total project investment value of about P600 million in the 4th quarter.
Ishak Mastura, RBOI-ARMM chairman, said the total investment is attributed to the firms that are newly registered with the agency.
Mastura said these are the Maguindanao Energy Farms Incorporated (MEFI) based in Simuay, Sultan Kudarat, Ma-guindanao and Matling Industrial and Commercial Corporation (MICC) operating in Matling, Malabang, Lanao del Sur and shall be eligible for fiscal and non-fiscal incentives being provided by the government.
He said the Maguindanao Enegry Farms Inc. invested P400 million for a 474 hectare-napier grass plantation. The napier plantation with production capacity of 256,133 metric tons per year will be used to supply Lamsan Power Plant with fuel.
Napier is s high value industrial crop, a good source of biomass energy.
The project is expected to create 60 jobs.
The RBOI-ARMM chairman also said the new project signifies that there is a growing number of investors in alternative sources of energy, such as biomass.
“Such projects are included in the 2014-2016 ARMM Investments Priorities Plan to promote and support economic activities that will bring about sustainable and clean sources of energy and to secure power supply for the future. About 23 percent of total investments from 2012 to present in ARMM are into renewable energy,” Mastura added.
The MICC invested a P194-million expansion and modernization project by setting up a new cassava starch milling plant. The new plant is expected to yield approximately 13,216 metric tons or 260,000 bags annually.
It can be noted that MICC is one of the pioneering cassava starch companies in the country that was established in September 1928.
According to MICC, around 70 percent of the present cassava starch supply in the domestic market is imported due to an increase in demand while domestic production is lower because some mills stopped operating.
As this developed, ARMM Regional Governor, Mujiv Hata-man said that from January to October 2015, about P6 billion worth of projects are invested in the region, the biggest in the history of ARMM.
“Investments will continue to come in the region as long as there is sustained peace and stability,” Hataman added.