COTABATO CITY – The Regional Board of Investments in the Muslim autonomous region in southern Philippines on Tuesday announced P3.372 billion in new investments – more than double the investments of 1.463 billion in 2013 and jobs created by this 3rd quarter have reached 2,994 compared to last years’ 1,743.
It said strong economic growth in the region has attracted more investors. The RBOI said three new firms – Darussalam Mining Corporation, Al Mujahidun Agro-Resources and Development, Inc. and Bangsamoro Oil and Fuels Corporation – posted a total of P848 million worth of projects that generated 1,210 jobs.
Darussalam Mining Corporation based in the village of Tumbagaan in Tawi-Tawi’s Languyan town is engaged in a P192.87 million mining and quarrying operation of nickel ore for export to China. The company generated 310 local jobs.
Bangsamoro Oil and Fuels Corporation, which invested P85.85 million, is expected to provide about three dozen new jobs. The company is engaged in importation, distribution and sales of petroleum products. It also has plans to construct an oil depot in Polloc Port in Parang town in Maguindanao province.
While the Al Mujahidun Agro-Resources and Development, Inc. is a new player in the region’s banana industry. The company has initially planted with Cavendish bananas some 550 hectares in the village of Salman in Maguindanao’s Ampatuan town.
The company has infused P570 million in the project and is expected to generate 867 jobs. The bananas are to be exported to the United Arab Emirates, Middle East and Europe.
RBOI Chairman and Managing Head, lawyer Ishak Mastura said: “We have achieved our investment target for this year and we hope that we will continue to attract more businessmen to invest given our strong agri-based economy. Other than our rich agricultural resources, the impending submission of the draft Bangsamoro Basic Law to Congress is anticipated to effect positive signals to the business community that the peace process is on track.”
“However, we are aware that any change in government or structural changes usually brings about a period of adjustment as the business community evaluates the impact of new policies. So this may mean that investment growth in 2015 could be affected. If impediments to doing business are reduced and if the security environment continues to improve, this could result to robust business and jobs creation in the region,” Mastura said.
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