P1-B Investment for Cacao Production in ARMM Provided by Local Firm
The cacao industry is getting a much needed boost from a local investor.
The Regional Board of Investments in Autonomous Region in Muslim Mindanao (RBOI-ARMM) has recently approved the registration of ChocoInvest Corporation. The local company is set to invest more than 1 billion pesos in an integrated cacao plantation project in Barangay Nuyo, Buldon, Maguindanao.
Ishak Mastura, RBOI chair and managing head lawyer, said that the project will give a big boost to the country’s cacao production and help achieve its target of 100,000 metric tons (MT) by 2020. Currently, there’s a low supply of cacao in the country (around 10,000 MT–80% short of the average local consumption demand of 50,000 MT annually) and the government wants to address it through the “Cacao Double Up Program.”
The project will also create livelihood and job opportunities in the rural areas since growing cacao requires intensive labor.
“ChocoInvest will be granted with fiscal incentives such as Income Tax Holidays for six years as well as other incentives being provided by the government upon the start of its commercial operations,” Mastura said.
Chief Executive Officer of ChocoInves Carlos Vargas said the project is a joint venture between the company and the Balatawan Farmers Producers Cooperative, which is composed of former Moro rebels.
The company signed a Memorandum of Understanding (MoU) with the group back in April 2017 to pave the way for the development of 1,750 hectares of land in the boundaries of Maguindanao and North Cotabato.
The ChocoInves CEO was also inspired to pursue the project with the Balatawan Farmers Producers Cooperative.
“The group has decided years ago to stop the conflict and engage instead on a war against poverty,” Vargas said.
Initially, a 20-hectare model cacao farm will be built. It will be then expanded to a total of 1,750 hectares or more. Aside from cacao, other crops will be grown in the farm including coffee, banana, coconut, and more.
ARMM Regional Governor Mujiv Hataman said in a statement that the project is a result of peace efforts of the government since it involves rebel returnees.
“Clearly, the government’s multi-pronged strategy to prevent marginalized communities, particularly among the Bangsamoro, from being lured into extremism is bearing fruit and it is now those communities who are actively seeking economic opportunities for their communities thru partnership with investors,” Hataman said
“I have also witnessed this in Basilan, my home province, where the Abu Sayyaf laid down their arms in order to start new lives with the economic opportunities offered by both the government and the private sector,” he added.
Aside from the domestic market, the major markets for cacao, which is also called as the “Food of the Gods” or the “Tree of Love,” are Singapore, United Arab Emirates, Australia, and the European Union.
Cacao is mainly used for making chocolates, but its application also expands to other food, beverages, cosmetics, and pharmaceuticals.
via Philippine Information Agency / Dani Doguiles
