MARKET DEVELOPMENT
P1.3B Palm Oil Project Approved
P1.3B Palm Oil Project Approved
02/02/2015 (Malaya) - The Mindanao Development Authority (MinDA) reported that the Regional Board of Investments has approved a P1.3-billion, 5,000 hectare palm oil plantation project in Datu Odin Sinsuat, Maguindanao.
Gintong Agri Corp., a subsidiary of Agricola Holdings which operates oil palm and rubber estates across Central America, West Africa and Southeast Asia, will lead the development.
“ARMM’s investment policy, along with the region’s improving peace situation has hugely contributed to the entry of big ticket investments like the Gintong Agri Corp. In fact, the company already has long-term plans for their plantation here, which will ensure sustainability of the investment,” said IshakMastura, RBOI chair of the Autonomous Region in Muslim Mindanao (ARMM).
From the initial 5,000 hectares, the company aims to expand the plantation to 20,000 hectares that will cover the municipalities of Talayan and Guindulungan in the next decade, aside from building and operations of oil mill facilities.
MinDA also noted that cooperative members from ARMM are eyed to own and manage the lands while the company funds the development of the plantation as well as the technical training for farmers that is estimated to generate 1,000 jobs for the region once it achieves full operations.
“This year is going to be another good year to generate more investments since projects related to an oil depot, bulk water treatment and supply on industrial waste management and treatment are now in the works,” Mastura said.
Luwalhati Antonino,MinDA chairperson, also said the influx of investments indicates improved governance in the region, citing that necessary infrastructure support are also being put in place starting with the development plans for the Polloc port and Awang airport.
“Our long-term plan is to fully connect all regions in Mindanao through various public-private partnerships projects to spur massive development and inclusive growth across ARMM and entire Mindanao,” she said.
MinDA also mentioned that last year, ARMM got a total of P6.5 billion worth of investments, the bulk of which came from Chiquita-Unifrutti for Cavendish banana plantations in Maguindanao along with a napier grass biofuel plantation, petroleum business and a minerals development project.
The latest data available from the Philippine Statistics Authority shows that for 2014, the country produced 437,439.16 metric tons of fresh fruit bunch of oil palm wherein 11 percent came from ARMM.
Gintong Agri Corp., a subsidiary of Agricola Holdings which operates oil palm and rubber estates across Central America, West Africa and Southeast Asia, will lead the development.
“ARMM’s investment policy, along with the region’s improving peace situation has hugely contributed to the entry of big ticket investments like the Gintong Agri Corp. In fact, the company already has long-term plans for their plantation here, which will ensure sustainability of the investment,” said IshakMastura, RBOI chair of the Autonomous Region in Muslim Mindanao (ARMM).
From the initial 5,000 hectares, the company aims to expand the plantation to 20,000 hectares that will cover the municipalities of Talayan and Guindulungan in the next decade, aside from building and operations of oil mill facilities.
MinDA also noted that cooperative members from ARMM are eyed to own and manage the lands while the company funds the development of the plantation as well as the technical training for farmers that is estimated to generate 1,000 jobs for the region once it achieves full operations.
“This year is going to be another good year to generate more investments since projects related to an oil depot, bulk water treatment and supply on industrial waste management and treatment are now in the works,” Mastura said.
Luwalhati Antonino,MinDA chairperson, also said the influx of investments indicates improved governance in the region, citing that necessary infrastructure support are also being put in place starting with the development plans for the Polloc port and Awang airport.
“Our long-term plan is to fully connect all regions in Mindanao through various public-private partnerships projects to spur massive development and inclusive growth across ARMM and entire Mindanao,” she said.
MinDA also mentioned that last year, ARMM got a total of P6.5 billion worth of investments, the bulk of which came from Chiquita-Unifrutti for Cavendish banana plantations in Maguindanao along with a napier grass biofuel plantation, petroleum business and a minerals development project.
The latest data available from the Philippine Statistics Authority shows that for 2014, the country produced 437,439.16 metric tons of fresh fruit bunch of oil palm wherein 11 percent came from ARMM.