BARMM okays P1.77-B worth of investments from Jan-May ‘23 DA eyes white onion importation this month

Orders for the importation of white onion will likely be issued within this month as part of the government’s efforts to ensure there’s ample supply in the market, the Department of Agriculture (DA) said Friday.

In an interview with journalists, DA Assistant Secretary Rex Estoperez said they are currently in talks with stakeholders to finalize the exact figure, but noted that the initial volume will be 8,800 metric tons.

“These are ballpark figures. The consumption is around 4,400 metric tons [per month] so if [we import good for] two months, that’s 8,800 metric tons. That’s what we are looking at now,” he said.

Estoperez explained that the majority of the initial volume that will be imported will be allotted to institutional buyers.

Data from DA’s Agribusiness and Marketing Assistance (AMAS) price monitoring showed that the retail price of white onion in the National Capital Region (NCR) is currently at PHP160 to PHP200 per kilogram (kg), significantly higher than the PHP90 to P150/kg recorded in April.

Estoperez said DA is doubling its efforts to make sure that prices of onion will not go back to an all-time high of PHP600 to PHP700/kg.

“One of the drivers of inflation is the price of onion, therefore, we cannot sacrifice that it will go back to steep prices. We are considering all measures to bring down prices,” he said.

Aside from white onion, Estoperez said they are also studying whether there is a need to import red onion.

He said the government will also coordinate with managers of cold storage to oblige them to release their stocks.

“We are considering all strategies to compel them to sell their onion. Let’s see if they will cooperate,” he added.

(PNA)

The Bangsamoro Board of Investments (BBOI) has approved PHP1.77 billion worth of investments in the past five months, more than double during the same period last year.

“From January to May 2023, BBOI has approved nine new projects worth P 1.77 billion investments,” BBOI chairperson Mohamad Omar Pasigan said in a statement Friday.

The projects included an academic school located in Cotabato City; an oil depot in Polloc Port, Maguindanao del Norte; a shipping company in Tawi-Tawi; and a beach resort located in Sitio Timako, Barangay Kalanganan in this city, among others.

Pasigan said the new investments are expected to provide initial employment to some 300 workers.

Last year, the region managed to generate over PHP850 million worth of investments in the same period.

Pasigan attributed this year’s higher investment approvals to the leadership of BARMM Chief Minister Ahod Ebrahim and his advocacy of attracting both local and foreign investors to the region.

“We believe that we are now reaping the results of the BARMM administration’s investment initiatives,” he said, adding that two more projects are lined up for approval later this month.

On Thursday, the investment body met for updates on the region’s status.

“Once the two projects are approved, we will generate a total of P2.7 billion investments that will surpass the region’s PHP2.5 billion investments target for the fiscal year 2023,” Pasigan said.

Following a successful trade mission in Dubai, Pasigan expressed confidence that more investments will pour in during the second semester of this year.

On May 1-3, the BBOI showcased potential investment venues in the BARMM at the 9th Annual International Conference and Exhibits 2023 in Dubai, United Arab Emirates.

Held at the Grand Hyatt Dubai, the event provided a platform for BBOI to present and open more doors for investments in the region.

“Our region is a thriving hub of innovation, progress, and growth, with a diverse range of industries that provide endless opportunities for businesses of all sizes,” he said. (PNA)