Investments in the Autonomous Region in Muslim Mindanao (ARMM) increased by a whopping 260 percent in 2014 with investment projects recorded at P 3.867 billion from P1.463 billion in 2013.
The Regional Board of Investments (RBOI) in ARMM said the investments also generated a total of 3, 433 jobs in the region.
RBOI-ARMM said the biggest investment that came in 2014 is the Biomass Renewable Energy project of Lamsan Power Corporation in Sultan Kudarat, Maguindanao, which amounted to P 921.56 million. The project, which utilizes corn husks and other agricultural wastage from its own cornstarch plant, has a capacity of 15 megawatts.
Another huge investment recorded in 2014 is the P570-million cavendish banana plantation project of Al Mujahidun AgroResources and Development, Incorporated in Ampatuan, Maguindanao. The project developed 550 hectares of land and employed 867 local residents in the area.
Also included are the three nickel mining projects in Languyan, Tawi-Tawi by S.R. Languyan Corporation, Pax Libera Mining Incorporated, and Darussalam Mining Corporation that posted a combined investment of P1.2 billion. These three mining projects generated over 1000 jobs in 2014.
Other investments include the Palm Kernel Crushing Plant in Buluan, Maguindanao by Agumil Philippines Incorporated with P170 million investment; two biomass renewable energy projects, by Green Earth Energy Resource in Buluan, Maguindanao and Philippine Trade Center in Sultan Kudarat, Maguindanao , with a total of P852 million; and two petroleum distribution projects in Parang, Maguindanao with a total of P135.85 million investment.
The RBOI-ARMM attributed this positive development to the signing of the Comprehensive Agreement on the Bangsamoro (CAB) between the Philippine government and the Moro Islamic Liberation Front in March 2014, saying it encouraged more businessmen to invest in the region and take advantage of the upbeat business condition and stability brought about by the CAB signing.
RBOI-ARMM Chairman and Managing Director Ishak Mastura expressed confidence that more investments will pour in the region this year 2015.
