28.7 C
Manila
Monday, April 22, 2024

Bangsamoro BOI gives nod to oil exploration, plantation

- Advertisement -

Davao City—The Bangsamoro Regional Board of Investments (RBOI) formally awarded registration certificates to two local companies engaged in banana cultivation and oil and gas exploration in the autonomous region.

The RBOI said Al-Muzafar Agriventures Inc. (AMAVI) and ES Maulana Global Ventures Co. Inc. (EMGVCI) received their certificate of registration last August 18.

AMAVI is investing P950 million in a combined 1,000-hectares of Cavendish banana plantation in the province of Maguindanao.  EMGVCI is planning to spend P998 million for an oil and gas exploration project that will cover the Liguasan Marsh in the Cotabato provinces and the Sulu Sea in the southwestern island province of Sulu. The RBOI said the certificates given to AMAVI and EMGVCI allow the two companies to operate in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) areas and enjoy fiscal and non-fiscal incentives.

Chief Minister Ahod B. Ebrahim said the investment of local companies owned by Bangsamoro investors will help hasten the region’s economic development.

“The investments of AMAVI and EMGVCI may be considered an act of patriotism as they opted to invest in their homeland,” he said.

The RBOI said the oil and gas exploration activities of EMGVCI in areas that fall within the BARMM jurisdiction would still be subject to the joint determination by the BARMM regional government and the national government.

Datu Esmael Maulana, chief executive officer of EMGVCI, thanked the RBOI and the leadership of Bangsamoro government for the certificate of registration.

“Through our proposed investment, we could hire 2,000 to 3,000 workers from the community,” Maulana said.

Michael Abas Kida, member of the AMAVI Board of Trustee, said “our investments will surely generate jobs for the former combatants, the less educated and less fortunate people in the region.”

Lawyer Ishak Mastura, chairman of RBOI, said the registration of local investors in BARMM would help encourage other businessmen to invest in the region.  Mastura also said investments amounting to some P1.4 billion would pour into the region this year. These include a P300-million tourism complex in Cotabato City, a P100-million poultry project of EMGVCI, and the Lamsan corn starch facility in Lanao Del Sur.

Meanwhile, the Bangsamoro government said 152 former members of the Bangsamoro Islamic Freedom Fighters (BIFF) received entrepreneurial skills training under the Tulong Ng Gobyernong Nagmamalasakit (TuGoN) of the Ministry of Interior and Local Government.

The trainings were conducted by the Ministry of Trade, Investments and Tourism last August 3 to 5 and August 11 to 13, in Radjah Buayan in Maguindanao, President Quirino in Sultan Kudarat and Kabacan in North Cotabato.

The Army’s 33rd Infantry Battalion, 601st Infantry Brigade and 602nd Infantry Brigade also contributed to the entrepreneurship development program of the former fighters.

Read full article on BusinessMirror

- Advertisement -

Leave a Reply

- Advertisement -

Related Articles

- Advertisement -
- Advertisement -

Latest Articles

- Advertisement -