Photo courtesy of Colloid Farl
COTABATO CITY—The Regional Bangsamoro Board of Investments (BBOI) approved on Friday, Dec. 9, the registration for the expansion of Kaltimex Rural Energy Corporation (KREC) to supply additional power electricity in the island province of Tawi-Tawi.
KREC is a registered business enterprise of the Regional BBOI since 2016 and has been recognized as the New Power Producer (NPP) in Mindanao.
Accordingly, the Filipino-Indonesian-owned corporation wanted to expand an off-grid diesel power plant located at Lot 1054-1055, Brgy. Pahut in Bongao, Tawi-Tawi.
With a total cost of expansion of Php 75,554,881.00, the expansion could generate a direct or indirect total employment of 48 workers situated on the 2.7 hectares of property, around 5 kilometers from Bongao town, with an output of 8MW diesel power plant supplying Tawi-Tawi Electric Cooperative, Inc. (TAWELCO).
“The Php1.3-billion total approved investments for this year (2022) indicated the improving investment environment in the region, and the economy is humming back to life with industry conditions becoming stable,” Mohammad Pasigan, the newly appointed chairperson of Regional BBOI, said.
“Investing in the region is safe and profitable, and the Regional BBOI is committed to guiding and attending to the needs of our clients from the beginning to every step of the way,” Pasigan added.
Meanwhile, the newly registered investment projects of the investors will enjoy the fiscal incentives, such as an Income Tax holiday and reduced duties and tariffs for the importation of capital equipment, dispensed by the Regional BBOI under the Corporate Recovery and Tax Incentives for Enterprises or CREATE law.
“We hope that this registration of a new power company could influence more investors of energy to put up their investments in BARMM,” Pasigan further stressed. (Kasan Usop, Jr./BIO)