MARAWI CITY, Lanao del Sur (PIA) --- Two large companies are set to put up a combined investments of P390 million in the Autonomous Region in Muslim Mindanao (ARMM) after getting the approval of the region’s board of investments.

La Frutera, Inc., a subsidiary of Unifrutti Group of Companies will invest P300 million for the expansion of 300 hectares Cavendish banana plantation in Pandag town in Maguindanao to increase its banana production by as much as 1.2 million boxes per year.

Accordingly, La Frutera wants to take advantage of the increasing demands for bananas in the global market particularly in China, Japan and the Middle East.

Meanwhile, Iron Blaze Petroleum, Inc., a company engaged in the importation, distribution and sales of petroleum products, will put up a P90 million oil depot at the Polloc Freeport in Parang, Maguindanao with a capacity of 9 million liters.

Lawyer Ishak Mastura, ARMM Regional Board of Investments (RBOI) chairman, said they have provisionally approved the registration of investments of both companies in a joint board of governors and management committee meeting in Davao City on September 29 in view of the social impact of these projects in terms of employment and capital inflow to the region’s economy.

These new investments are expected to generate around 500 jobs in the region.

Ed Bullecer, senior vice president of Unifrutti Philippines, said that as investors they contribute to the improvement of the social and economic climate of local communities and the region as a whole.

Both companies are entitled to incentives such as income tax holiday and duty free importation of capital equipment offered by RBOI to investors in the region when they start commercial operations. -- BPI-ARMM/APB/PIA-10