COTABATO CITY, Philippines -- Investments in the Autonomous Region in Muslim Mindanao (ARMM) has reached Php3.3 billion as of the third quarter of this year, doubling the agency’s registered investments of Php1.463 billion in 2013.

 

The Regional Board of Investments (RBOI), in its latest report, said job generation has also reached 2,994 compared to 1,743 over the same period last year.

 

Since July this year, the RBOI said three firms, namely the Darussalam Mining Corporation (DMC), Al Mujahidun Agro-Resources and Development, Inc. (AMARDI) and Bangsamoro Oil and Fuels Corporation (BOFC) posted a combined Php848-million worth of investment projects and generated 1,210 jobs in the ARMM.

 

The DMC based in Tumbagaan, Languyan, Tawi-tawi is engaged in a Php192.87-million mining and quarrying operation of nickel ore for export to China. The company generated 310 local jobs.

 

More so, the BOFC with investments totaling Php85.85 million is expected to produce 33 jobs engaged in importation, distribution and sales of petroleum products.

 

The company also plans to construct an oil depot in Polloc Port, Parang, Maguindanao.

 

In addition, the AMARDI, a neophyte in the region’s banana industry has initially planted 550-hectares of Cavendish banana out of its targeted 1,500-hectare plantation in Barangay Salman, Ampatuan, Maguindanao.

 

The banana conglomerate has infused Php570 million in the project and is expected to generate 867 jobs.

 

The firm is seen to produce 2 million boxes every year at 13.5 kg/box to be exported to United Arab Emirates, Middle East and Europe.

 

"We have achieved our investment target for this year and we hope that we will continue to attract more businessmen to invest given our strong agri-based economy. Other than our rich agricultural resources, the impending submission of the draft Bangsamoro Basic Law (BBL) to Congress is anticipated to effect positive signals to the business community that the peace process is on track,” RBOI chair Ishak V. Mastura said.

 

Seven multinational business firms are currently operating in the ARMM.

 

ARMM Governor Mujiv Hataman said the regional government would continue to uphold open governance and transparency in the region to provide a conducive business atmosphere by proposing fiscal incentives and technical assistance as granted by RBOI.