ARMM investment doubles last year; reaches record high P3.3-B in 3rd Quarter
COTABATO CITY. September 5, 2014. Strong economic growth in the Autonomous Region in Muslim Mindanao (ARMM) is seen as more investors are coming to the region to do business. This is according to the latest report of its Regional Board of Investments (RBOI).
In a joint Board of Governors’ and Management Committee (ManCom) Meeting in Davao City on September 7, 2014, three firms were approved 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 Php 848 million worth of investment projects and generated 1,210 jobs in the ARMM.
The addition of the three to the seven firms whose registrations were previously approved by RBOI earlier this year means that total investments in the ARMM to date have reached Php3.372 billion more than double the agency’s registered investments of 1.463 B in 2013. On the other hand, jobs created by this 3rd quarter have reached 2,994 compared to last years’ 1,743 jobs generated.
Darussalam Mining Corporation based in Tumbagaan, Languyan, Tawi-Tawi is engaged in a Php 192.87 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 Php 85.85 million, and which is expected to produce 33 jobs, is 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.
RBOI Chairman and Managing Head, lawyer Ishak V. Mastura said: “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. 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.”
“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. ” Atty. Mastura added.
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. (Source: RBOI)