BARMM approves P75-M investments before the year ends
Economic News • 19:00 PM Fri Dec 9, 2022
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By:
Bangsamoro Board of Investment news release
COTABATO CITY – The Bangsamoro Board of Investments (BBOI-BARMM) convened on Friday, December 9, 2022 and approved the registration for expansion of Kaltimex Rural Energy Corporation.
The Kaltimex Rural Energy Corporation (KREC) is a 60% Filipino and 40% Indonesian owned corporation with project location address at Lot 1054-1055, Brgy. Pahut, Bongao, Tawi-Tawi. KREC is currently a registered business enterprise of the BBOI with its registration approved last October 28, 2016. The proponent wants to expand an off-grid diesel power plant. The expansion is situated on 2.7 hectares of property around 5 kilometers from Bongao town. The output of the 8MW diesel power plant will be supplied to TAWELCO of Bongao, Tawi-Tawi with a total cost of expansion of Php 75, 554, 881 and will generate 48 job employments, both direct and indirect jobs.
“The P1.3-B total approved investments for this year (2022) indicate the improving investment environment in the region and the economy is humming back to life with industry conditions becoming stable,” according to Mohamad Omar Pasigan, newly appointed Chairperson of BBOI.
The registered investment projects of the investors will enjoy the fiscal incentives, such as Income Tax holiday and reduced duties and tariffs for importation of capital equipment, dispensed by the BBOI-BARMM under the Corporate Recovery and Tax Incentives for Enterprises or CREATE law.
“KREC is recognized as the New Power Producer (NPP) in Mindanao. We hope that with this registration, more investors of energy will put up their investments in BARMM. Investing in the region is safe and profitable and the BBOI is committed to guide and attend to the needs of our clients from the beginning to every step of the way,” added Pasigan.