ARMM Q3 investment in record high

COTABATO CITY (Sept. 10/NDBC) - Strong economic growth in the Autonomous Region in Muslim
Mindanao (ARMM) has paved the way for the coming ofmore investors in the region, the Regional Board of Investments (RBOI) today said.In a joint
Board of Governors’ and Management Committee (ManCom) Meeting in Davao City on Tuesday, three new firms were given the green light for
registration by the RBOI.

The three
firms namely, Darussalam Mining Corporation, Al Mujahidun Agro-Resources and Development,
Inc. and Bangsamoro Oil and Fuels Corporation posted a total of P848 million
worth of investment projects and generated 1,210 jobs in the ARMM.

The addition
of the three to the seven firms with registrations previously approved by RBOI in
early 2014 brought the total investments in the ARMM to P3.372 billion to date.

This is more
than double the agency’s registered investments of 1.463 B in 2013.

On the other
hand, jobs created in the 3rd quarter have reached 2,994 compared to last
years' 1,743 jobs.

Darussalam
Mining Corporation based in Tumbagaan, Languyan, Tawi-Tawi has engaged in a P192.87
million mining and quarrying operation of nickel ore for export to China. The
company generated 310 local jobs.

Bangsamoro Oil
and Fuels Corporation, which invested P85.85 million, and which is expected to
produce 33 jobs, was a company engaged in importation, distribution and sales
of petroleum products.

The company
also plans to construct an oil depot in Polloc Port, Parang, Maguindanao.

Al Mujahidun
Agro-Resources and Development, Inc. is a new player in the region’s banana
industry. Out of the total 1,500 hectares, the company has initially planted
with cavendish bananas 550 hectares in Brgy. Salman, Ampatuan, Maguindanao.

The company
has infused P570 million in the said project and is expected to generate 867
jobs. The firm is projected to produce 2 million boxes every year at 13.5
kg/box to be exported to United Arab Emirates, Middle East and Europe.

We have
achieved our investment target for this year and we hope that we will continue
to attract more businessmen to invest given our strong agri-based economy, Lawyer Ishak Mastura, BOI chairman and managing head, said. Other than our rich agricultural resources, the
impending submission of the draft Bangsamoro Basic Law (BBL) to Congress is
anticipated to effect positive signals to the business community that the peace
process is on track, he said. However,
we are aware that any change in government or structural changes usually brings
about a period of adjustment as the business community evaluates the impact of
new policies. So this may mean that investment growth in 2015 could be
affected. If impediments to doing business are reduced and if the security
environment continues to improve, this could result to robust business and jobs
creation in the region,” he added.

ARMM Regional
Gov. Mujiv S. Hataman said that in the midst of the BBL discussions, the
regional government will continue to promote open governance and transparency
in the region and that will provide a conducive business environment to
businessmen by offering fiscal incentives and technical assistance which is
being granted by RBOI. (NDBC/RBOI)