Home » Manobos, Energy Drink Firm Ink MOU For Joint Venture

Manobos, Energy Drink Firm Ink MOU For Joint Venture

News From : DagangHalal.com (13 Aug 2009)

ZAMBOANGA CITY-A tribal group and the producer of an energy-food drink have forged a memorandum of understanding (MOU) for a joint venture that could reach an estimated P800 million worth of an agriculture-based manufacturing project here in Mindanao.

Under the MOU, the Manobo Tribal Communities Association Inc. (Matrica) of barangay Kalagangan, San Fernando, Bukidnon, agreed to produce soya beans and other raw materials for Suming Lee Food Processing Plant of Marawi City.

The Autonomous Region in Muslim Mindanao’s Bureau of Public Information (ARMM-BPI) said Suming Lee manufactures an energy drink made of soya beans marketed all over ARMM and neighboring regions.

The ARMM-BPI said the MOU was forged by Matrica and Suming Lee during the two-day 7th ARMM Business Congress held on August 5 and 6 in Marawi City.

The MOU calls for the project implementation, which will cover some 3,000 hectares of farmland. The parties settled to study the joint venture and had arranged for future discussions and agreements.

The participants of the two-day ARMM Business Congress have expressed confidence in  ARMM’s ability to make a major economic turnaround, especially with its participation in the Brunei Darussalam-Indonesia-Malaysia-Philippines East Asean Growth Area.

Meanwhile, ARMM has been stepping up its efforts to make the region the country’s halal hub by striving to make the halal fraud bill a law.

Once enacted into law, the bill aims to control devious businesses and practices regarding halal food as well as protect consumers from products that pose danger to health and safety.

Written by Bong Garcia Jr. / Correspondent
Thursday, 13 August 2009 02:35

Source: BusinessMirror Online Space

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