DAVAO CITY—The Regional Board of Investments (RBOI)of the Autonomous Region in Muslim Mindanao (ARMM) approved on Tuesday a power- generation project worth P831 million in Bongao, Tawi-Tawi.
The RBOI approved the application of Kaltimex Rural Energy Corp., the proponent of the 8-megawatt power-generation project.
The grant of the RBOI registration would allow the proponent to avail itself of fiscal and nonfiscal incentives provided by the government.
The ARMM said once completed, the project will “provide 24/7 electricity to the province through the Tawi-Tawi Electric Cooperative Inc.”
Quoting officials of Kaltimex, the RBOI said the power provider to clients in off-grid areas would also expand its operations on the island- provinces of Basilan and Sulu.
The company is owned “99.99 percent by Filipino investors and 0.01 percent by Indian investors, respectively.” The Tawi-Tawi project would initially generate 34 jobs, the Kaltimex told the RBOI in its application.
Lawyer Ishak V. Mastura, chairman and managing head of RBOI, said the registration of Kaltimex was timely, “since up to 70 percent of households in the ARMM have problems related to access to electricity.”
“The ARMM is in dire need of power, especially on the island-provinces of Basilan, Sulu and Tawi-Tawi, where residents experience frequent rotational brownouts due to power shortage. The company’s expansion plans would address the power crisis in the region,” he said.
On the positive side, Mastura stressed that the project “is a huge investment for those in the power business,” pointing that “the region is the least-penetrated market for energy-related projects in the Philippines.”
The Kaltimex project in Tawi-Tawi, he said, “should encourage more investors to come and invest in the ARMM not only on energy, but should open up new agri-fishery, processing and manufacturing projects, as well.”
This year, the RBOI has registered a total of P2.1 billion worth of projects, Mastura said.
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