Bangsamoro Unveils P200-Million Banana Platform Investments

The Bangsamoro Board of Investments – Bangsamoro Autonomous Region in Muslim Mindanao (BBOI-BARMM) is facilitating the revival of banana farms in Maguindanao with the expected infusion of PHP200 million worth of new investments from two local firms, according to a PNA report

Photo Insert: The venture aims to rehabilitate and restore the banana farming infrastructure.

BBOI-BARMM Chairman Ishak Mastura, a lawyer, said Friday that his office has eased a business understanding between the Eka Salam Agriventures Corp. (ESAC) and the Iranun Premier Development Corp. (IPDC) for the recovery of the seemingly troubled banana industry in the province amid the coronavirus disease 2019 (COVID-19) pandemic.

Mastura said the venture aims to address the needs of displaced ethnic Iranun banana farmers in Buldon, Maguindanao, who were formerly contract growers under the unsuccessful Al-Sahar Agriventures, Inc., as well as their intention to rehabilitate and restore the banana farming infrastructure.

“The target banana farmers in Buldon, Maguindanao are the growers that were displaced after the closure of Al-Sahar Agriventures, Incorporated in 2019,” Mastura said, adding that the firm was unable to continue its operation for lack of capital, marketing, and technical expertise, which made worse by the pandemic.

He said the BBOI’s facilitation led to having a business understanding between the ESAC, which previously registered its own Cavendish banana plantation investments with the BBOI, and the IPDC that stands as the banana farmers’ newly-organized intermediary firm.

In addition, Mastura said the ESAC, which also serves as the Iranun farmers’ marketing arm, would provide technical and farm management expertise with the help of multinational Unifrutti Philippines, Inc. based in Davao City.

“At least 200 hectares of land in Buldon, Maguindanao is expected to be replanted with Cavendish bananas for export,” Mastura said.

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