DA signs deal with foreign investors for banana plantation in Mindanao

THE Department of Agriculture (DA) has signed an agreement with a business group backed by Russian and Swiss investors to set up a banana plantation in Camp Abubakar, the main base of the Moro Islamic Liberation Front in Mindanao.
Agriculture Secretary Emmanuel F. Piñol said in a social media post on Thursday that a memorandum of understanding has been signed by the government with TechIron Resources, Inc. and Solway Investment Group Ltd. to develop the 7,000-hectare area in Camp Abubakar.
The group will visit the area next week to conduct surveys, soil tests, and aerial mapping, as the project is scheduled to launch on Feb. 16. The results of the surveys will be reviewed Mr. Piñol for validation.
“[The] DA will be supporting the project, we will be sending our soil experts to the area,” Mr. Piñol told reporters late Thursday on the sidelines of the 1st National Galunggong Summit in Pasay City.
The plantation is expected to generate 10,000 farm jobs, which Mr. Piñol said is particularly attractive to former combatants.
“Sila nga ’yung humihili na dalhin dun. In fact ang plano is [They’re the ones asking to have the investors there. In fact the plan is]… to employ former combatants. This is the first major investment post-BOL (Bangsamoro Organic Law),” he said.
“We are eyeing this program now. Russian investors are eyeing their own market,” Mr. Piñol added.
He noted that the 7,000-hectare plantation is likely to produce big revenue as the average production per hectare is 4,000 boxes, and the price per box is $5. This means a revenue of about $140 million per harvest. — Denise A. Valdez,