Foreign Investors to Establish Banana Plantation in Mindanao


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19 shares, -1 points

Russian and Swiss investors to set up a banana plantation in Camp Abubakar, the main base of the Moro Islamic Liberation Front in Mindanao, according to the report of Business World. The said investors have signed agreement with the Department of Agriculture in establishing banana plantation in Mindanao.

Further, TechIron Resources, Inc. and Solway Investment Group Ltd. have signed Memorandum of Understanding (MOU) with the Philippine government last Thursday. Moreover, the memorandum signifies the development of the 7,000-hectare area in Camp Abubakar.

Cited in the report, business groups are scheduled to visit the area next week to conduct surveys, soil tests, and aerial mapping. Accordingly, the said project will be launched on Feb. 16. For the validation, Agriculture Secretary Emmanuel F. Piñol will review the gathered surveys.

Mr. Piñol noted that 10,000 farm jobs are expected to be generated from the plantations.  More importantly, the report stated that according to Piñol, they [people in Mindanao] are the ones asking to have the investors there. In fact the plan is to employ former combatants. Eventually, the said establishment of the banana plantation is the first major investment-post under the Bangsamoro Organic Law(BOL).

More importantly, Piñol imparted that Russian investors are considering their own market. Hence, we are eyeing on the BOL program.

“7,000-hectare plantation will likely produce big revenue as the average production per hectare generates 4,000 boxes, and the price per box cost $5. Thus, a revenue of about $140 million per harvest”, Piñol added.

Source:

DA signs deal with foreign investors for banana plantation in Mindanao

 

 

 

 


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Nath Mindanao

An Agribusiness economist. I scribble more about agriculture, politics and economics.