Armm investments hit P1.463-B in 2013-A A +A
Monday, December 30, 2013
COTABATO CITY – Investors have poured in P1.463 billion worth of business venture in the Autonomous Region in Muslim Mindanao (Armm).
The Regional Board of Investments (RBOI) of ARMM in a report indicated that this year’s investments are “higher by 157 percent compared to last year’s 569 million worth of investments.”
Shamera Abobakar, information officer of RBOI-ARMM said, “this is the second time that the agency hit the P1 billion mark; the first was in 2011. Both times were during the tenure of lawyer Ishak Mastura as chairman and managing head of RBOI.”
This massive increase was partly attributed, according to the same report, to the positive perception on the region brought about by the signing of the “Framework Agreement on the Bangsamoro” between the Philippine Government and Moro Islamic Liberation Front on October 15, 2012.
ARMM Regional Governor Mujiv Hataman’s active involvement in the promotion of the region, the report cited, also brought strong impression among foreign and local investors.
“Let us make the business environment conducive and friendly to our investors,” Hataman was quoted in several occasions.
“Let us not make it difficult for businessmen to put their investments in ARMM,” he added.
This year, RBOI has registered four firms, some of which are enjoying fiscal and non-fiscal investment incentives.
The largest of which was Al-Tawitawi Nickel Corporation (ANC) which poured in P707.9 million for an expansion project on mining and quarrying of nickel ore in Brgy. Tumbagaan, Languyan, Tawi-Tawi.
The second top investor is the Bumbaran Development Corporation, which constructed 1,500 housing units worth P365 million in Brgy. Sarmiento, Parang, Maguindanao.
La Frutera, Inc. has poured in P300 million for their 300-heactera expansion of Cavendish banana plantation in the Municipality of Pandag, Maguindanao.
The company has been operating in ARMM particularly in Maguindanao since 1997.
Moreover, the Iron Blaze Petroleum, Inc. has committed construction of a P90 million oil depot with a capacity of 9 million liters.
The oil depot project in Polloc Port in Parang, Maguindanao is considered as a priority of the regional government to lure more investors to the region because of the role that energy and oil consumption plays as catalyst for faster economic growth.
RBOI also reported that in 2013, some 1,743 jobs were generated out of the four firms registered with RBOI, a rise of 72 percent compared to the 1,016 jobs opened in 2012. PIA-12
Published in the Sun.Star Cagayan de Oro newspaper on December 30, 2013.