LAMITAN AGRI-BUSINESS Corp. (LABCO) is set to invest about P1.8 billion for a 1,000-hectare Cavendish banana farm in Lamitan City, Basilan. The company received its certificate of registration last week from the Regional Board of Investment of the Bangsamoro Autonomous Region in Muslim Mindanao (RBOI-BARMM). The BARMM government, in a statement, said the Filipino-owned company has been granted priority investment status, which would allow it to avail of incentives under the Omnibus Investments Code of 1987 contained in Executive Order No. 226.

RBOI-BARMM Executive Director Eshan Karl Mabang and BARMM Chief Minister Al Haj Murad Ebrahim led the registration certificate awarding ceremony that was attended by Lamitan City Vice-Mayor Roderick H. Furigay and Unifrutti Tropical Philippines Inc. President Alberto F. Bacani. The banana farm is expected to generate 1,467 jobs. Its produce will be exported to countries in Asia and the Middle East.

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