P1.3 B ready for investment in Maguindanao

COTABATO CITY, Philippines - The Autonomous Region in Muslim Mindanao (ARMM) raked in P1.3 billion more of capital input for an oil palm venture in Maguindanao, officials said Wednesday.

The Regional Board of Investments (RBOI), chaired by lawyer Ishak Mastura, has just approved an application to invest in Maguindanao by the Gintong Ani Corporation (AGC), which aims to initially put up a 5,000-hectare oil palm plantation in Datu Odin Sinsuat town in Maguindanao.

The autonomous region, which covers Maguindanao and Lanao del Sur, and the island provinces of Basilan, Sulu and Tawi-Tawi, generated some P10 billion worth of investments in the past three years, a big part of it earmarked for agricultural ventures involving local and foreign capitalists.

In a statement Wednesday, the office of Mastura said the AGC aims to put up no less than 20,000-hectares of oil palm plantations in the region within a decade starting the inception of its initial projects in Maguindanao.

Maguindanao, which has 36 towns, now has big Cavendish banana farms established jointly by foreign investors and their local contacts in recent years.

The AGC is also keen on putting up oil palm processing facilities in Maguindanao, the RBOI’s press communiqué stated.

ARMM Gov. Mujiv Hataman said he was elated with AGC’s intention of putting up oil palm plantations in Maguindanao.

“This will provide people in Maguindanao employment and, in effect, hasten restoration of normalcy in conflict-stricken areas in the province,” said Hataman, who exercises ministerial control over RBOI.

The AGC is a majority Singaporean-owned outfit, which has linkages with local agricultural cooperative entities.

The Chiquita-Unifrutti, which also has foreign benefactors, poured in last year P3.7 billion worth of additional capital for its Cavendish banana farming projects in Maguindanao.