MARKET DEVELOPMENT
ARMM Posts P1.621-B Investment
ARMM Posts P1.621-B Investment
31/05/2014 (Manila Buletin) - The Autonomous Region in Muslim Mindanao (ARMM) has posted economic investments amounting to P1.621 billion this year, surpassing the P1.463 billion recorded in the region for the whole of 2013, the ARMM’s Regional Board of Investment (RBOI) announced yesterday.
Majority of the fresh investments are recorded in Maguindanao, whose current administrators led by Gov. Esmael “Toto” Mangudadatu alongside local, national and foreign business advocacy entities, have beefed up initiatives to transform the province from the ravages of armed conflicts and feudal politics.
The RBOI said the latest of the investments came with its recent approval of the Agumil Philippines, Inc.’s registration of an Oil Palm Kernel Crushing Plant project worth P170 million in Buluan.
Before the Agumil’s entry, ARMM already posted P1.451-billion investment in the first quarter of this year from Lamsan Power Corporation’s P921.56-million biomass renewable energy investment; SR Languyan Mining Corporation’s P520-million nickel ore mining project; and ABSCOR Multi-Trading Company’s P10- million import and export trading business, RBOI Chairman Ishak Mastura said.
He said Agumil Philippines, Inc., a Filipino-Malaysian company, has been registered with RBOI since 2006 for oil palm milling and export to Malaysia.
Agumil’s operation produces a sizable enough amount of quality palm kernels to process into Palm Kernel Oil (PKO) for export and Palm Kernel Cake (PKC) for animal feeds, prompting its management to construct the crushing plant in Buluan to make profitable use of these kernels, Mastura said.
The Palm Kernel Crushing Plant is expected to generate 500 cyclical construction workers and 54 new jobs, according to an RBOI report furnished to this paper.
Agumil, aside from partnering with over 6,000 oil palm growers in Maguindanao and nearby areas, will also put up a biomass power plant to support the energy needs of their milling and crushing plants this year or the next. Excess energy will be sold to the national transmission grid, the report said.
The RBOI leadership is foreseeing more investments in ARMM, especially in the mainland provinces of Lanao del Sur and Maguindanao, amid an improving regional peace and order condition spawned by the recent forging of final peace accord between the government and the Moro Islamic Liberation Front (MILF).
“Investors view this peace agreement as a removal of the major risk of flare-up of violent political conflict and insurgency in the region. We are bullish that investments in ARMM will exceed two billion pesos this year for the first time as a result,” Mastura said.
Majority of the fresh investments are recorded in Maguindanao, whose current administrators led by Gov. Esmael “Toto” Mangudadatu alongside local, national and foreign business advocacy entities, have beefed up initiatives to transform the province from the ravages of armed conflicts and feudal politics.
The RBOI said the latest of the investments came with its recent approval of the Agumil Philippines, Inc.’s registration of an Oil Palm Kernel Crushing Plant project worth P170 million in Buluan.
Before the Agumil’s entry, ARMM already posted P1.451-billion investment in the first quarter of this year from Lamsan Power Corporation’s P921.56-million biomass renewable energy investment; SR Languyan Mining Corporation’s P520-million nickel ore mining project; and ABSCOR Multi-Trading Company’s P10- million import and export trading business, RBOI Chairman Ishak Mastura said.
He said Agumil Philippines, Inc., a Filipino-Malaysian company, has been registered with RBOI since 2006 for oil palm milling and export to Malaysia.
Agumil’s operation produces a sizable enough amount of quality palm kernels to process into Palm Kernel Oil (PKO) for export and Palm Kernel Cake (PKC) for animal feeds, prompting its management to construct the crushing plant in Buluan to make profitable use of these kernels, Mastura said.
The Palm Kernel Crushing Plant is expected to generate 500 cyclical construction workers and 54 new jobs, according to an RBOI report furnished to this paper.
Agumil, aside from partnering with over 6,000 oil palm growers in Maguindanao and nearby areas, will also put up a biomass power plant to support the energy needs of their milling and crushing plants this year or the next. Excess energy will be sold to the national transmission grid, the report said.
The RBOI leadership is foreseeing more investments in ARMM, especially in the mainland provinces of Lanao del Sur and Maguindanao, amid an improving regional peace and order condition spawned by the recent forging of final peace accord between the government and the Moro Islamic Liberation Front (MILF).
“Investors view this peace agreement as a removal of the major risk of flare-up of violent political conflict and insurgency in the region. We are bullish that investments in ARMM will exceed two billion pesos this year for the first time as a result,” Mastura said.