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Philippines

Large investments to revive Maguindanao banana farms

The Bangsamoro Board of Investments – Bangsamoro Autonomous Region in Muslim Mindanao (BBOI-BARMM) is aiding the rebuilding of banana farms in Maguindanao with PHP200 million (€3.4 mln) worth of new investments from two local firms.

Last Friday, BBOI-BARMM Chairman Ishak Mastura said that his office has eased a business understanding between the Eka Salam Agriventures Corp. (ESAC) and the Iranun Premier Development Corp. (IPDC). The goal is to facilitate the recovery of the seemingly troubled banana industry in the province in these times of Covid-19.

Mastura said the venture aims to address the needs of displaced ethnic Iranun banana farmers in Buldon, Maguindanao, who were formerly contract growers under the unsuccessful Al-Sahar Agriventures, Inc., as well as their intention to rehabilitate and restore the banana farming infrastructure.

“The target banana farmers in Buldon, Maguindanao are the growers that were displaced after the closure of Al-Sahar Agriventures, Incorporated in 2019,” Mastura said, adding that the firm was unable to continue its operation for lack of capital, marketing, and technical expertise, which made worse by the pandemic.

Source: pna.gov.ph


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