Bangsamoro area attracts foreign funds for P8 billion banana plantation

MANILA, Philippines — Foreign investors are set to develop an P8 billion banana plantation in Mindanao, which is seen as the first biggest investment in the Bangsamoro area.

Agriculture Secretary Emmanuel Piñol said a Bangsamoro group, representing owners of 7,000 hectares of land within Camp Abubakar, has inked an agreement with Russian and Swiss investors for the development of the area into midland and highland banana plantations.

The Bangsamoro group was represented by former Buldon mayor Taungan Macasandag and former vice mayor Nasrudin Maluag while French-Russian businessman Robert Gaspar represented TechIron Resources Inc. and Solway Group.

“Both TechIron Resources Inc. and Swiss-owned Solway Group have interests in mining and minerals but are now venturing into agriculture and aquaculture in the Philippines targeting the Russian market,” Piñol said.

The project is expected to be launched on Feb. 16 in Camp Abubakar, with an initial 1,000 hectares earmarked for development.

The agreement will allow the investors to conduct surveys, soil testings and aerial mapping of the area.

For its part, the Department of Agriculture will immediately dispatch a team of soil experts, solar irrigation engineers and digital technology experts to help Bangsamoro farmers prepare the area.

Experts will conduct soil testing and analysis, as well as select the ideal sites in the five rivers in the area for the installation of solar panels and pumps to draw water for irrigation.

Survey results will be submitted to the DA Secretary on Feb. 4 which will be turned over to the foreign investors.

The P8-billion project is expected to provide employment to at least 10,000 people.

The foreign investment followed the visit of President Duterte to Moscow in May 2017 which resulted in the opening of the Russian market to Philippine agriculture and fisheries products.