Delinanas Development Corporation, a subsidiary of Del Monte Fresh Produce Philippines, made an investment worth PHP569 million or US$13 million in a banana plantation. The banana farm is expected to produce two million boxes of Cavendish banana every year, according to a report by Bworldonline.com

The banana plantation, located in the Philippines' southern province of Maguindanao, registered a first harvest of over 1,500 boxes in June. The Del Monte subsidiary's latest venture spans an area of 550 hectares, according to data provided by Jun M. Macalawam, Regional Board of Investment member of the Autonomous Region of Muslim Mindanao (ARMM).

The new investment will generate almost 1,000 new jobs to local residents. Furthermore, the plantation is expected to raise around US$7 million in sales each year. Shipments have already been made to South Korea and Japan.

"We are gradually gaining back the trust of local and foreign investors, and we're hopeful that more investments will open in ARMM," said ARMM Governor Mujiv S. Hataman. He hoped that more foreign companies would follow Del Monte in investing in the region.