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BARMM accepts a new P278-million investment by a banana exporter.

CITY OF COTABATO – The administration of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) has approved another multimillion-dollar investment, according to the regional Bangsamoro Board of Investments (BBOI).

The board accepted the PHP278 million investment of Usman Banana Farm (UBF), a Cardava banana exporter situated in Matanog, Maguindanao, according to BBOI chair lawyer Ishak Mastura.

UBF will employ 215 Bangsamoro employees, according to Mastura, who said that the project will contribute to Matanog’s economic development and offer jobs for locals.

“The banana firm is the first of its sort because its major product is the Cardava banana, as opposed to other banana companies in the region whose main export product is the Cavendish banana,” Mastura explained.

He continued, “This corporation envisioned itself as a catalyst in promoting peace and order in the surrounding areas, and will create direct employment and subsidiary industries.”

BARMM’s total investments for the first quarter of 2022 increased to PHP474 million as a result of the new project.

This year, the BBOI hopes to attain PHP4.5 billion in investment promises, up from PHP2.8 billion the previous year.

“”As a registered investment project, UBF will benefit from RBOI’s fiscal advantages, including a six-year income tax holiday and reduced customs on capital equipment imports,” Mastura added.

BBOI welcomed the clearance of PHP200 million in investments from two companies, Hanabana Construction and Equipment Corp. and Pagana Kutawato Corp., in January of this year.

Hanabana, based in Cagayan de Oro City, will build an independent bulk water supply facility here, while Pagana Kutawato will expand its hotel and restaurant operations over a large region in this city.

In a separate statement, BARMM’s Hanabana coordinator Samim Yusoph stated that the company will build a feasible source of potable water within the city to supplement people’s daily water demands.

“”Our company was hired by the Metro Cotabato Water District (MCWD) to develop a bulk source of potable water in the city utilizing our customized water equipment or technology, which cost over PHP100 million,” he stated.

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