Al Muzafar Agriventure Inc. is investing P950 million €16.2 mln) to revive approximately 1,000-hectare Cavendish banana plantation in the municipality of Datu Abdullah Sangki as well as other towns in the Province of Maguindanao.
The regional Bangsamoro Board of Investments (RBOI) of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) has approved the project’s registration last week. The project can count on a 6-year income tax holiday, reduced duties for importation of capital equipment, exemption from wharfage dues and additional deductions for labor expenses.
According to mb.com.ph¸ the investment is supposed to generate an annual production of 2.0 to 3.3 mln boxes of Cavendish bananas for export to Japan, China and the Middle East. The expected employment for the investment project consists of 1,190 workers.