COTABATO CITY: A banana plantation company and a company engaged in the distribution of petroleum are set to put up a combined P390-million investment in the Autonomous Region in Muslim Mindanao (ARMM) upon approval of the ARMM Regional Board of Investments (RBOI).
To take advantage of the increasing demands for bananas in the global market particularly in China, Japan and the Middle East, La Frutera Inc., a subsidiary of Unifrutti Group of Companies, will expand 300 hectares of Cavendish banana plantation in Pandag town, Maguindanao, investing P300 million to increase its banana production by as much as 1.2 million boxes per year.
Meanwhile, Iron Blaze Petroleum Inc. will put up a P90-million oil depot at the Polloc Freeport in Parang, Maguindanao with a capacity of 9 million liters.
In view of the social impact of these projects in terms of employment and capital inflow to the ARMM’s economy RBOI chairman and lawyer Ishak Mastura said they have provisionally approved the registration of investments of both companies in a recent joint Board of Governors and Management Committee meeting in Davao City.
He added that the new investments are expected to generate around 500 jobs.
As this developed, Regional Gov. Mujiv Hataman is confident that businessmen will still consider investing in ARMM to take advantage of what it can offer, particularly its rich agricultural resources.
On the other hand, Unifrutti Philippines senior vice president Ed Bullecer said that as investors they contribute to the improvement of the social and economic climate of local communities and the region as a whole.
Both companies are entitled to incentives such as income tax holiday and duty free importation of capital equipment offered by RBOI to investors in the region when they start commercial operations.