A GROUP of Russian businessmen is keen on investing at least P8 billion in Mindanao to develop 5,000 hectares of Cavendish banana plantation. The project is expected to generate 10,000 jobs, Agriculture Secretary Emmanuel F. Piñol said.
The Russian group, represented by French-Russian businessman Robert Gaspar, is eyeing the Moro Islamic Liberation Front’s (MILF) main enclave of Camp Abubakar as its plantation site, Piñol added.
Together with Maguindanao Gov. Esmael Mangudadatu, Piñol accompanied the Russian group in visiting the proposed banana plantation area in Barangay Oring, Buldon, Maguindanao, on January 14.
“This is an exciting development, especially for Bangsamoro. We really believe that, with the ratification of the Bangsamoro Organic Law, the government must be able to provide something to the people in the Bangsamoro area to feel that things have changed since signing the agreement,” he said in a news briefing on Tuesday.
Piñol said the Russian investment is expected to be finalized soon as the businessmen and the owners of the proposed plantation area iron out on January 24 the type of business arrangement they would agree on.
“The meeting, which will be attended by the MILF Central Committee member Ed Guerra and landowner leaders and representatives of the Russian business group, will discuss the arrangements between the investors and the landowners,” he said. Citing Gaspar, Piñol said the Cavendish bananas produced from the proposed banana plantation would be shipped to Russia.
“The Russian Business Group has expressed interest in investing in the Philippines following the visit of President Duterte to Moscow in May 2017 and his succeeding engagements with Russian President Vladimir Putin,” he said.
Piñol said the Russian group is even planning to have a 20,000-hectare banana plantation in Mindanao. The cost of developing 1 hectare of banana plantation is around P1.2 million, Piñol added.