BARMM welcomes P277 million investments
BANGSAMORO NEWS UPDATES • 11:45 AM Mon Mar 28, 2022
640
By:
Edwin O. Fernandez
Bangsamoro Board Of Investment (BBOI) chair Atty. Ishak Mastura. (BBOI)
COTABATO CITY – Another multi-million investment has been approved to operate in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), the regional Bangsamoro Board of Investments (BBOI) announced Monday.
Atty. Ishak Mastura, BBOI chair, said the board has approved the P277 million in investment that will provide employment to 215 Bangsamoro workers.
The board approved the registration and investment of Usman Banana Farm, an exporter of Cardava Banana in Matanog, Maguindanao.
“The said banana company is the first of its kind since its main product is a Cardava banana unlike other banana businesses registered in the region whose main product for export is Cavendish banana,” Mastura said.
The project has an investment cost of P277, 664,721.00 pesos and will create 215 employment.
Mastura believed thea the project will definitely foster socio-economic development in Matanog, Maguindanao and will improve the quality of life of the residents in the area.
“This company envisioned itself as a catalyst in achieving peace and order in the surrounding areas and will provide direct employment and ancillary industries,” he said.
The newest approved project bring BARMM's total to P474-million for the first quarter of 2022 so far.
BBOI is aiming to reach P4.5-billion in investments pledges this year, even higher than the target amount from last year.
"As a registered investment project, Usman farms will receive fiscal incentives from RBOI such as 6-years Income Tax Holiday and reduced duties for importation of capital equipment,” Mastura said.
In January this year, BBOI welcomed the investments of two companies with a total worth of more than PHP200 million to operate in this city.
the approval of the “opening salvo” of investments for the region from the Hanabana Construction and Equipment Corp. and the Pagana Kutawato Corp.
The Cagayan de Oro City-based Hanabana firm will put up an independent bulk water supply facility here, while Pagana Kutawato will set up a container van type of hotel and restaurant expansions at a huge area in this city.
Engineer Samim Yusoph, the BARMM coordinator for Hanabana, said in a separate statement that the firm would establish a viable source of potable water within the city to augment the daily water needs of its residents. (Edwin O. Fernandez)