Armm okays P1B integrated cacao project

THE Regional Board of Investments of the Autonomous Region in Muslim Mindanao (RBOI-Armm) has approved a P1.016 billion integrated cacao plantation project in Barangay Nuyo, Buldon, Maguindanao.

On Monday, the board unanimously approved the registration of ChocoInvest Corp. for the undertaking of the project.

Lawyer Ishak Mastura, RBOI chair and managing head, said the project would help the country achieve its target of 100,000 metric tons (MT) cacao production by 2020.

Mastura also said the project would support the government’s “Cacao Double Up Program” in line with the Philippine 2020 Cacao Challenge, which aims to address the very low supply of about 10,000 MT or 80 percent short of the average local consumption demand of 50,000 MT annually (Cocoa Barometer 2012).

Cacao growing and production, he said, is labor-intensive, thus providing more livelihood and jobs in the rural areas, especially in Buldon.

“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 added.

Cacao, also known as the “Food of the Gods” or the “Tree of Love”, is the main ingredient in making chocolates expanding its application to food, beverage, cosmetics, and pharmaceuticals.

Carlos Vargas, ChocoInvest chief executive officer, said the project is a joint venture between the company and the Balatawan Farmers Producers Cooperative, which is composed of former Moro rebels.

Vargas was inspired to pursue the project with the group whose members have laid down their firearms in an amnesty program under previous administrations.

“The group has decided years ago to stop the conflict and engage instead on a war against poverty,” he said.

The project will initially start with a 20-hectare model cacao farm that will eventually expand to a total of 1,750 hectares or more, intercropped with coffee, banana, coconut and other cash crops.

Aside from the domestic market, major markets are Singapore, United Arab Emirates, Australia, and the European Union. PNA

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