Php 1.4 B First Investment Registered Under BOL
Feb 7, 2019
(Cotabato City, February 7, 2019), The newly ratified Bangsamoro Organic Law (BOL) is up for a good start after a Php1.4 billion sand and gravel project was approved by the Regional Board of Investments (RBOI) following the registration of JMI Sand & Gravel and Truck Services Corporation.
This is the very first project approved after the ratification of the BOL this January and perhaps the biggest this year. The BOL provides the legal framework to replace ARMM and establish a new political entity, the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).
JMI Corp with business address at Brgy. Gang, Sultan Kudarat, Maguindanao, is a DENR accredited supplier of sand and gravel supplying Southwest Mindanao including Basilan, Sulu and Tawi-Tawi. JMI is engaged in a Joint Venture Agreement (JVA) with CCIL Mining and Mineral Resources Corporation in the dredging and re-alignment of the Simuay River and shoreline. CCIL is a reputable company which is also registered in Hongkong with proven track record in mineral exploration, mining operations, shipment and international transactions.
RBOI chair and managing head, lawyer Ishak Mastura, said that the approval of the project will allow JMI to enjoy incentives from the government such as income tax holidays (ITH), duty free importation on capital equipment and other applicable incentives.
“We are grateful that despite political uncertainties brought about by the transition from ARMM to BOL, investors still want to have first mover advantage even before the transitional government is set-up.” said Mastura.
Mastura further explained that the Simuay River dredging project is a great solution in solving the problem of recurring flash floods as mitigating measure to control and reduce flooding of the river’s floodplain.
It is well known that there is perennial flash flooding in Simuay River spreading to nearby villages of Sultan Kudarat, Sultan Mastura and other towns in the Province of Maguindanao affecting hundreds of families mostly farming communities, damaging millions worth of properties and loss of livelihoods primarily livestock and agriculture. Simuay River is a major tributary that connects streams from the ranges of North Cotabato and Maguindanao.
Mayor Datu Shameem B. Mastura of Sultan Kudarat, Maguindanao is supportive of the project considering that this will able to help the municipality and its neighbouring towns address flooding and bank erosion affecting Simuay River through dredging and silting without cost to the government.
In a statement, ARMM regional governor, Mujiv Hataman said that this significant project is a positive development to protect the constituents as well as infrastructures making communities safe and optimistic, generate jobs and revenues and push for economic growth. “This is a positive way to jumpstart the BARMM as we transition from ARMM”, Hataman further said. (SOURCE: RBOI)