The Bangsamoro Autonomous Region of Muslim Mindanao expects to approve at least P300 million worth of new investments in tourism and agriculture in the second half to add to the P1-billion banana project that was recently registered in the region.
Regional Board of Investments chairman Ishak Mastura said BARMM was relying on local projects more than the prospect of getting foreign investments.
He said the policy on foreign investments is not yet clear yet “because we devolved from national policies but BARMM would like to have its own.”
“The pandemic has affected the overall business climate in the county, but we are happy to report that there were some investors who register including the banana plantation of Al Muzafar Agriventure Inc. which is worth P998 million,” he said Monday in the forum “Tapatan sa Aristocrat”.
Approved investments in 2020 reached only P14 million from an internet service provider.
Among the prospects for the second half are the P200-million tourism enterprises and a barter complex which is seen as a means to revive barter trade in Basilan, Sulu and Tawi-Tawi.
Another prospect is the P100-million proposed poultry project by Esmaulana Global Venture Company Inc. The firm also has a standing proposal for a P5-billion oil exploration project within BARMM.
The Mindanao Development Authority also called on existing banana companies to restart their operations to support the recovery of BARMM.
The P1-billion banana project of Al Muzafar Agriventure, also known as Amavi Sweet Banana, is expected to employ up to 1,200 workers and generate annual production of 2 million to 3.3 million boxes of Cavendish bananas for export to Japan, China and the Middle East.
Amavi is a wholly-Filipino owned corporation with majority of its investors from the Bangsamoro. The RBOI approved the project on April 15, 2021.
RBOI granted Amavi Sweet Banana 6 years of income tax holiday, reduced duties for importation of capital equipment, exemption from wharfage dues and additional deductions for labor expenses.