BARMM approves P306-M pineapple investment project
Economic News • 07:30 AM Sat Sep 21, 2019
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By:
Shamera A. Abobakar/RBOI-BARMM
COTABATO CITY - The Regional Board of Investments (RBOI)-Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) recently approved the registration of Wao Development Corporation (WDC) to establish a new pineapple packing plant located in the Municipality of Wao, Lanao del Sur worth Php306 million.
Under a new management DOLE Philippines, WDC has infused fresh investment capital for the new facility to improve its packing process and maximize its packing capacity to about five million boxes per year. The said project is expected to generate 753 jobs. The company will export 100 percent of its products to its new market Singapore through DOLE Asia Holdings.
RBOI Executive Director, Eshan Karl O. Mabang said that the approval of the project which is to be established in a less developed area will allow WDC to enjoy incentives from the government such as income tax holidays (ITH), duty free importation on capital equipment and other applicable incentives upon start of the project’s commercial operation.
The company is known for its Rainforest Alliance certification, a compliant of international environmental standards. It also implements Corporate Social Responsibility (CSR) activities related to health, education, among others benefiting the people of Wao.
Next to banana, pineapple is the second most popular tropical fruit in the Philippines and one of the primary agricultural exports. More than 75% of the pineapple produce in the country come from Mindanao of which some are produced in Maguindanao and Lanao del Sur. Pineapples are processed into juice, jellies and jams, dried fruit, pineapple vinegar and fruit cocktail.
“The approval of WDC project is a good sign that the Bangsamoro region is fast becoming an investment destination of choice by investors. We are bullish that more investors will come because of the sustainable peace that we are experiencing now after the Bangsamoro Organic Law (BOL) was ratified last January 21, 2019, establishing the BARMM. This will make the region a more conducive and competitive place for business”, said RBOI Governor, Sukarno Baraguir”, one of the members of the Board.
The members of the RBOI Management Committee recently conducted a site visit at Barangay Banga, Wao Lanao del Sur where the new WDC pineapple packing plant is located. (SOURCE: RBOI-BARMM/Shamera A. Abobakar)