MARAWI
CITY, Lanao del Sur, Aug. 20 (PIA) --- The Regional Board of
Investments in the Autonomous Region in Muslim Mindanao (RBOI-ARMM) has
recently approved the registration of a Cavendish banana plantation
project of Al-Sahar Agri Ventures Inc., in Maguindanao.
Lawyer
Ishak Mastura, chairman and managing head of RBOI-ARMM, said Al Sahar’s
banana plantation, amounting to P3.7 billion, is so far the biggest
private investment in the region’s history. The project has a total land
area of 2,600 hectares in the municipalities of Talayan, Buldon,
Barira, and Mangudadatu.
Al Sahar is an affiliate of the
Unifrutti Group that manages other companies in ARMM such as La Frutera
Inc., Wao Development Corp. and Mount Kalatungan Agri Ventures Inc. The
new plantation in Maguindanao is expected to create up to 3,900 jobs for
local residents.
“Our company is here in ARMM to help
uplift the lives of the people and help propel economic development in
the region,” said Ed Bullecer, director of Al-Sahar. ARMM has been the
location for several successful ventures of Unifrutti.
“We
consider the ARMM as the best agri-related investment destination in
the country due to its fertile and vast lands, low cost of doing
business and strong support from local leaders despite security issues,”
he said.
Before Al Sahar’s registration, investments in
the region have been tracked at P1.8 billion. This year’s investment
figure is expected to increase further in the coming months since more
private ventures are in the pipeline, officials said.
Current
projects in the ARMM are an oil palm plantation worth P1.3 billion, a
napier grass biomass fuel production project, which is estimated to cost
P400 million, and the modernization and expansion of a cassava starch
factory worth about P200 million.
“RBOI has been assisting
investors in their plans of investing in the region. We give advice on
business opportunities and provide information on the business
(environment) in ARMM,” said Atty. Mastura.
Project
approval entails fiscal and non-fiscal incentives, he added, noting
further that investors are being guided and assisted during the
pre-application stage and even after they register.
As a
result of the agency’s pro-active stance in dealing with investors,
timely information dissemination, and effective business advocacy, RBOI
was recently awarded this year by the Bangko Sentral ng Pilipinas as
among its Outstanding Partners for Regional Economic
Development. (BPI/APB/PIA-10)
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