ARMM Achieves 100% Investment Target For 2018
Sep 8, 2018
ARMM achieves 100% investment target for 2018
(Cotabato City, September 8, 2018).The Regional Board of Investments of the Autonomous Region in Muslim Mindanao (RBOI-ARMM) has achieved its 2018 target to register P2.11 billion worth investments after its board in a recent meeting approved the registration of Mina Vida De Mindanao Corporation’s Php 940.5 million nickel mining investment in Languyan, Tawi-Tawi.
According to lawyer Ishak Mastura, chairman and managing head of RBOI, to date the total investments registered by RBOI in 2018 amounts to Php 2.246 billion or reaching 106 percent of the agency’s target, with the bulk of investments in agriculture.
The Mina Vida’s mining operation has a production capacity of 1.5 WMT nickel ore per year and is expected to generate 580 employment opportunities for the locality upon start of its commercial operations.
The company’s application for RBOI registration was duly endorsed by the ARMM Department of Environment and Natural Resources (DENR). The agency certifies that the company is compliant of environmental standards and has the necessary permits to operate ensuring sustainable development and contribute economic benefits to the community.
Mina Vida’s non-pioneer registration with RBOI did not give the project any fiscal incentives and instead it will only entitle them to avail of reduced duties for importation of capital equipment in case they apply within a limited period of time per the guidelines from the national BOI.
On top of national taxes the ARMM levies a 5% regional wealth tax for mining in the region.
This year’s approved projects consist of the banana plantation investment of Ekasalam Agriventures amounting to Php 290 Million and ChocoInvest Corporation’s integrated cacao project worth P1.016 billion, both located in Maguindanao province, and lastly, Mina Vida’s investment of P940 Million in Tawi-Tawi.
“We have had a good run of investments these past few years despite the challenges. Slowly but surely the return to normalcy in the region is encouraging investors to take a second look at our investment prospects,” said Mastura.
Regional Governor Mujiv Hataman lauded the consistent achievement of ARMM’s annual investment targets from the beginning of his term in 2013.
“Hitting our investment target every year for the past 5 years is proof of the conducive business environment currently prevailing in the ARMM even as we transition to the BOL (Bangsamoro Organic Law),” said Hataman.
He added that he is hopeful that the incoming Bangsamoro government will continue to carry the ball with BOL just the same in the years to come. (Source: RBOI-ARMM)