A Del Monte Fresh Produce Philippines subsidiary has invested PHP569 million (US$13 million) in a Cavendish banana plantation that is set to yield two million boxes of the fruit annually, website Bworldonline.com reported.

Delinanas Development Corp's 550ha latest venture in the province of Maguindanao had its first harvest of 1,500 boxes last June from an area of 150ha, according to Autonomous Region in Muslim Mindanao (ARMM) Regional Board of Investment member Jun M. Macalawan.

The plantation - which is expected to sell bananas worth around US$7 million annually and employ 1,000 local residents - has initially been shipping to South Korea and Japan, the story reported.

ARMM Governor Mujiv S. Hataman told the publication he hoped more multinational company's would see the region's investment potential, urging Delinas to consider the provinces of Basilan, Sulu and Tawi-Tawi for future farms.

"We are gradually gaining back the trust of local and foreign investors, and we’re hopeful that more investments will open in ARMM," Hataman was quoted as saying.

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