FLORIDA-BASED Rizome Philippines is investing $100 million (P5.5 billion) in an engineered bamboo plant in Cagayan de Oro as it supports the government's move to prioritize the passage of House Bill 7941 for the bamboo sector development.

Former Agriculture secretary Luis Lorenzo Jr., a global investor at Rizome Philippines through subsidiary Bamboo Ecologic Export Corp., is bringing in cutting-edge, proprietary technology in bamboo wood manufacturing. Rizome is progressively infusing capital from $20 million to $100 million in its Cagayan de Oro plant.