ARMM investments reach P3.65B in Q1

• Source: http://www.pna.gov.ph/articles/999915
• Monday, July 10, 2017 5:56 pm

(TPGJR/PNA)

ZAMBOANGA CITY, July 10 -- Investments in the Autonomous Region in Muslim Mindanao (ARMM) have remained resilient and growing, posting a total of PHP3.65 billion in the first six months of 2017 notwithstanding the conflict in Marawi City that started on May 23.

ARMM’s Regional Board of Investments (Armm-RBOI), chair and managing head Ishak Mastura, on Monday said in a statement that the region's investment prospects continue to show signs of resilience and dynamism because the crisis area had effectively been contained by the government.

The first half figures reported by the RBOI are higher by almost 74 percent compared with 2016’s total registration of PHP2.1 billion.

The agency has, so far, registered three major projects this year.

The first of the three major projects is the PHP32-million fish processing and cold storage project of Abing Seafoods and Cold Storage located in Bongao, Tawi-Tawi that addresses the needs of fisherfolk in the province to process, store, and preserve their seafood catch.

Second is the PHP33.5-million cargo shipping project of J. Sayang Shipping Lines, Inc., which is also based in Bongao, Tawi-Tawi, for inter-island trade, as well as, for cross-border shipping with Sabah, Malaysia.

Third, the RBOI has approved the PHP3-billion telecommunications carrier project of TierOne Communications International, Inc. (TierOne) for the region.

In the case of the TierOne, the company’s original plan was to start with a roll-out program in Marawi City.

But TierOne had to re-evaluate the place due to the current crisis. The Marawi rollout will still be implemented but in coordination with the rehabilitation and reconstruction program of the government.

In the revised plan, the company will first roll-out a pilot program by building facilities in the ARMM compound in Cotabato City that would serve the regional agencies.

TierOne’s project will cover cellular service in 2G, 3G, 4G, LTE and broadband wireless internet to homes and enterprises as well as WiFi for public, or common, areas.

Mastura said they expect more investments coming in during the second half of this year.

These will included banana plantation investments in Maguindanao; port services project worth PHP100 million; a bulk water treatment project worth around PHP200 million; and, a cacao plantation project that will pour in PHP1 billion.

The ARMM-RBOI provides fiscal and non-fiscal incentives to investors.