COTABATO CITY, Maguindanao: The Board of Investments (BOI) of the Autonomous Region in Muslim Mindanao has approved a total of P863 million worth of projects in Tawi-Tawi, which were expected to generate more than 1,000 jobs for local residents, a senior official said.
BOI Chairman Ishak Mastura said the agency approved the registration of Tawi-Tawian Petroleum Trading Corp and Chan C Mining Inc, which is engaged in mining and quarrying of nickel ore for export to China.
“Despite the Mamasapano incident, investors’ confidence is high,” Mastura said. “In fact, there are fresh investments coming in Maguindanao with a project cost of P1.3 billion on palm oil and P2 billion on banana.”
Tawi-Tawian Petroleum, which is engaged in the importation and distribution of petroleum products, has a project cost of P121.25 million. The company has started construction of three oil depot in Panglima Sugala.
Chan C Mining will operate at Barangays Karaha and Dungon and expect to produce one million metric tons of ore per year. The company will invest P741.8 million to the project.
Mastura said a string of new projects from BOI-registered firms were on the pipeline this year, including the expansion of a biomass power plant and banana plantation, rehabilitation of a starch factory and construction of an oil depot at Port of Polloc in Parang by Iron Blaze Corp.
He said investor optimism has not waned despite the Mamasapano controversy and new investments were pouring into the region.