The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) has generated P2 billion investments as of June, surpassing by two times this year’s target of P1 billion.
Ishak Mastura, chair of the Regional Board of Investments (RBOI) of BARMM, said at the Tapatan sa Aristocrat, this represents a turnaround from 2020 when the agency registered a P14- million project for the entire year, for an internet service provider.
Mastura said RBOI has approved in April the P990-million investment of Al Muzafar Agriventure Inc. (AMAVI) for a banana plantation venture in 1,000 hectares of property all over Maguindanao as well as the P998-million project of ESMaulana Global Venture Co. Inc. for oil exploration and extraction.
Mastura is also banking on the reopening of a portion of a banana plantation in Paglas, Maguindanao which will be rehabilitated.
“2020 was not a good year. The investment and business climate in BARMM was affected by the restrictions due to the new coronavirus disease 2019,” Mastura said
Mastura said ESMaulana’s project was given provisional registration pending issuance of a service contract (SC).
“The process of the approval has to be done jointly by the regional and national governments which are waiting for rules and regulations as well as the mechanism of the SC. We granted the provisional registration so they can start,” Mastura said.
According to Mastura, ESMulana Ventures is supported by foreign partners. and credit lines, from banks or venture funds in the Middle East. The company has so spent P2 million for oil and gas seismic survey.
AMAVI’s plantation will employ 1,150 workers.
The other banana plantation is the revival of the Paglas Corp. which will operate 500 hectares or a third of the former La Frutera banana plantation in Buluan.
Prospects this year include a redevelopment of a tourism and barter complex in Cotabato City as well as a P100-million poultry project.
Mastura said RBOI has been in discussions with the Department of Finance on how to facilitate investments from Qatar and Malaysia.
He added RBOI’s power to grant incentives has been retained by the Corporate Recovery and Tax Incentives for Enterprises except for projects valued at P1 billion and above. – Irma Isip
