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Autonomous Region in Muslim Mindanao
Philippines: 4.5 mln euro invested in banana project for ARMMLast Saturday, the Chairman of the Philippine Regional Board of Investments in ARMM (the Autonomous Region in Muslim Mindanao), Ishak Mastura, announced that the Board had approved the PHP 290 million (€ 4.5 mln) investment application for the Cavendish banana plantation project of EKASALAM AgriVentures Corp. in Kauran, Ampatuan, Maguindanao.
Mastura said this is the first time in the history of the Regional Board that the project registered was initiated by 100-percent Filipino investors from the region, who managed to link with the international banana market, particularly Bahrain and other Middle Eastern countries.
He said EKASALAM will enjoy fiscal incentives, such as the six-year Income Tax Holidays (ITH), as well as other incentives being provided by the government upon the start of its commercial operations.
The company will initially develop a 50-hectare Cavendish banana plantation and will later expand it to 250 hectares. The project would generate 265 local jobs.
News.mb.com quoted ARMM governor Mujiv Hataman as saying the EKASALAM project breaks from the norm that most of the region’s investors are from the outside of ARMM: “Now we have locals who are bold enough to establish a multi-million euro project.”
Publication date: 3/12/2018
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