DAVAO CITY—The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) got another sizeable investment in banana farming as the region continues to work to achieve the realization of its target of generating P4.5 billion in fresh investments this year.
The Regional Bangsamoro Board of Investments (RBOI) said it approved on March 23 the P277 million investment of the Usman Banana Farm, an exporter of Cardava Banana in Matanog, Maguindanao.
The RBOI said this was the first of its kind in banana investments already scattered in the Maguindanao and Lanao del Sur area “since its main product is Cardava Banana, unlike other banana businesses registered in the region, whose main product for export is Cavendish banana.”
The project would need 215 employees, the RBOI said. “The project would definitely foster socioeconomic development in Matanog, Maguindanao and will improve the quality of life of the residents in the area.”
“This company envisioned itself as a catalyst in achieving peace and order in the surrounding areas and will provide direct employment and ancillary industries,” the RBOI said. Matanog is the location of Camp Abubakar Assidique, the largest and main military and civilian camp of the Moro Islamic Liberation Front, which has since signed a peace treaty with government.
The RBOI said this newest approved project bring BARMM’s total to P474 million for the first quarter of this year. The region has set a target of P4.5 billion in investments pledges this year, higher than the target amount from last year.
“As a registered investment project, Usman farms will receive fiscal incentives from RBOI such as six years of income tax holiday and reduced duties for importation of capital equipment,” said lawyer Ishak Mastura, chairman of RBOI.