*05 October 2013*
Two companies put up P390M investment in ARMM
Two large companies are set to put up a combined investments of P390
million in the Autonomous Region in Muslim Mindanao (ARMM) after getting
the approval of the region’s board of investments.
La Frutera, Inc., a subsidiary of Unifrutti Group of Companies, will expand
300 hectares of cavendish banana plantation in the town of Pandag,
Maguindanao, investing P300 million to increase its banana production by as
much as 1.2 million boxes per year.
La Frutera wants to take advantage of the increasing demands for bananas in
the global market particularly in China, Japan and the Middle East.
Meanwhile, Iron Blaze Petroleum, Inc., a company engaged in the
importation, distribution and sales of petroleum products, will put up a
P90 Million oil depot at the Polloc Freeport in Parang, Maguindanao with a
capacity of 9 million liters.
Lawyer Ishak Mastura, ARMM Regional Board of Investments (RBOI) chairman,
said they have provisionally approved the registration of investments of
both companies in a joint board of governors and management committee
meeting in Davao City on September 29 in view of the social impact of these
projects in terms of employment and capital inflow to the region’s economy.
The new investments are expected to generate around 500 jobs according to
Ed Bullecer, senior vice president of Unifrutti Philippines, said as
investors they contribute to the improvement of the social and economic
climate of local communities and the region as a whole.
Both companies are entitled to incentives such as income tax holiday and
duty free importation of capital equipment offered by RBOI to investors in
the region when they start commercial operations.*(bpi)*