(Cotabato City, May 24, 2017). The Regional Board of Investments (RBOI) in the Autonomous Region in Muslim Mindanao (ARMM) recently approved the registration of J. SAYANG SHIPPING LINES, INC. The company based in Bongao, Tawi-Tawi is providing shipping services for traders in Tawi-Tawi through a 494 metric tons (MT) capacity general cargo vessel to ply the route from the ports of Basilan, Jolo, Tawi-Tawi and Polloc, Maguindanao going to Malaysia and other member countries of the Association of Southeast Asian Nations (ASEAN).
The P33.5 million cargo transport project will directly create 23 jobs. The project will aid local traders since there will be easy transport facilitation of their cargoes consist of goods for market distribution or products ready for selling. The traders are engaged into exporting of agricultural and marine products to Malaysia, Indonesia and other ASEAN countries as well as importing various consumer commodities from same nations.
Lawyer, Ishak Mastura, Chair of RBOI said that the project can enhance the country’s economic relations and open new trade avenues with our neighboring countries in the ASEAN. “We need more of this kind of projects since the Philippines have opened its doors for business especially that the ASEAN Economic Community (AEC) integration is now in full swing. The ARMM also has strong business linkage with the members of the Brunei, Indonesia, Malaysia, Philippines –East ASEAN Growth Area (BIMP-EAGA), so we have to take advantage of these opportunities available to us”, Mastura further said.
The registration of J. Sayang to RBOI will allow the company to avail of fiscal and non-fiscal incentives being provided by the government. This is to encourage more business enterprises and investments to grow in the region that will eventually lead to sustainable socio-economic development.
ARMM Regional Governor, Mujiv Hataman said that having more players in the shipping industry could mean ARMM’s active participation in the ASEAN business cooperation. “We should work together and position the region in the ASEAN map to fully benefit from the economic integration. ARMM has a lot of advantages especially the island provinces which are strategic trade locations considering its geographic vicinity to our neighbor countries, the existing centuries old barter trading and the cultural similarities. We need a strong local business community to make this happen and succeed in the process while the government will provide the necessary support mechanisms like providing incentives”, Hataman further said.
May 26, 2017 @ 12:41