COTABATO CITY, Maguindanao: The Regional Board of Investments in the Autonomous Region in Muslim Mindanao (RBOI-ARMM) has approved a P252-million petroleum investment project located in Polloc Free Port, Parang, Maguindanao.
Lawyer Ishak Mastura, RBOI-ARMM chairman, said the project was approved on Monday during the joint meeting of the RBOI -Board of Governors with the members of the Management Committee in Davao City.
“With this new addition, ARMM has recorded P1.8 billion total investments in the 3rd quarter of this year and continuously going up despite the uncertainty of the passage of the Bangsamoro Basic Law (BBL),” he said.
The DS3 Fuel Tanking and Services, Inc. is engaged in providing storage facilities, marketing and distribution of petroleum products. The company will mainly be involved in the construction and operation of oil depots with total capacity of 23 million liters per annum at Polloc Free Port in Parang, Maguindanao.
“Significantly, this is the first foreign investor to invest in the downstream oil industry in the region highlighting business confidence of foreign investors in the region even as the BBL is still being debated in Congress,” Mastura emphasized.
He said the presence of an oil depot and oil storage facilities can possibly reduce the price of oil in the region.
According to DS3, about 50 million liters of ground fuel is being consumed by the region per month.
The company invested in the region since they see the ARMM and its adjacent municipalities and cities of 10 million people as a huge market opportunity to construct a fuel storage and distribution facility to service various customers in the region including service stations, agriculture and industrial users.
The RBOI-ARMM chair also added that there are other investments in the pipeline this year. One of these is a P3.7 billion cavendish banana project intended for export market.
Another is a 5,000 hectare oil palm plantation in Maguindanao with project amounting to P1.3 billion and a napier biomass fuel production which is estimated to cost P400 million.