September 30, 2013
ARMM registers P390 million investments in 3rd quarter
The Regional Board of Investments (RBOI) of the Autonomous Region in Muslim Mindanao (ARMM) provisionally approved the registration of investments from two big companies, La Frutera, Inc. and Iron Blaze Petroleum, Inc. in a Joint Board of Governors and Management Committee Meeting (ManCom) held in Davao City on September 29, 2013. The investments have a total value of P390 million which will generate about 500 jobs.
Atty. Ishak V. Mastura, RBOI Chairman/Managing Head, together with the members of the Board of Governors, Muctar C. Muarip and Ricardo Gregorio T. Santos and the members of the ManCom deliberated on the documents submitted by the two companies in the said meeting. After careful evaluation, the group provisionally approved their registration considering the social impact of these projects in terms of employment and capital inflow to the region’s economy.
The investors will have to comply with the terms and conditions of their registration with RBOI before they will receive their certificates of registration. Only when they start commercial operations will they begin availing of the incentives from RBOI, such as income tax holiday and duty free importation of capital equipment.
Iron Blaze Petroleum, Inc. is a company engaged in the importation, distribution and sales of petroleum products. Part of their registration is the construction of an Oil Depot in Polloc Port, Parang, Maguindanao with 9 million liters capacity worth P90 Million.
Likewise, La Frutera, Inc., a subsidiary company of Unifrutti Group of Companies expanded to 300 hectares of cavendish banana plantation in the Municipality of Pandag, Maguindanao. The company which invested about P300 Million is expected to produce 1.2 million boxes every year.
The current supply of bananas being provided by the company is insufficient to meet the fruit intakes of the growing population in China, Japan and the Middle East. La Frutera’s expansion was to address the rising demand of bananas in the world market.
Mr. Ed Bullecer, who attended the meeting and represented Unifrutti, said that as investors, they also play important roles in the local communities by working with the culture and getting involved in mitigating conflicts to sustain peace. Hence, this has a positive effect on the investment climate of the ARMM.
Atty. Mastura said that despite the sad incident in Zamboanga City, which is adjacent to ARMM island provinces, the administration of ARMM Regional Governor Mujiv S. Hataman is confident that businessmen will still consider investing in ARMM to take advantage of what it can offer particularly its rich agricultural resources. (Source: RBOI-ARMM)