Another multimillion investment has received the green light from the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) government, the regional Bangsamoro Board of Investments (BBOI) said Monday.

Lawyer Ishak Mastura, BBOI chair, said the board approved the PHP278 million investment of the Usman Banana Farm (UBF), a Cardava banana exporter, based in Matanog, Maguindanao.

UBF will employ 215 Bangsamoro workers, Mastura said, adding the project is seen to contribute to the economic development of Matanog and provide jobs for residents.

“The banana company is the first of its kind since its main product is Cardava banana, unlike other banana businesses registered in the region whose main product for export is Cavendish banana,” Mastura said.

“This company envisioned itself as a catalyst in achieving peace and order in the surrounding areas and will provide direct employment and ancillary industries,” he added.

The new project raised BARMM’s total investments to PHP474-million for the first quarter of 2022.

BBOI aims to reach PHP4.5-billion in investment pledges this year, higher than the PHP2.8 billion worth of investments last year.

“As a registered investment project, UBF will receive fiscal incentives from RBOI such as a six-year income tax holiday and reduced duties for the importation of capital equipment,” Mastura said.

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

The Cagayan de Oro City-based Hanabana firm will put up an independent bulk water supply facility here, while Pagana Kutawato will set up a container van type of hotel and restaurant expansions at a huge area in this city.

Hanabana coordinator for BARMM Samim Yusoph said in a separate statement that the firm will establish a viable source of potable water within the city to augment the daily water needs of its residents.

“Our company was contracted with the Metro Cotabato Water District (MCWD) for the project to build a bulk source of a potable water system in the city using our modified water equipment or technology amounting to more than PHP100 million,” he said. (PNA)