The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) has exceeded its investment generation target by more than PHP300 million this year, the Bangsamoro Board of Investments (BBOI) said Thursday.
In a statement, the BBOI-BARMM said PHP2.8 billion worth of investments were generated by the region this year, exceeding its PHP2.5 billion target for 2021.
Lawyer Ishak Mastura, BBOI-BARMM chair, said the approved and registered companies that invested in the BARMM included the Al Muzafar Agriventure, Inc. with PHP950 million worth of investments; ES Maulana Global Ventures Company, Inc. (PHP998 million); Eight Z’s Building Property Rental (PHP398 million); Lanao del Sur Corn Development Corp. (PHP408 million); and the Prime Certification and Inspection Asia Pacific, Inc. (PHP49 million).
“The total amount is a strong rebound from the PHP14 million investments registered in 2020 and this despite the continuing struggles of investors and companies to survive the economic crisis brought about by the pandemic,” Mastura said.
A decline in investments was experienced by the region last year due to RBOI issues on continuity under the new BARMM and the adjustments of investors due to the impending passage of the Corporate Recovery and Tax Incentives for Enterprises or CREATE law, not to mention the lockdowns instituted by the government to contain the spread of the coronavirus disease 2019.
Mastura said the region also recorded a 2,287 increase in the employment of workers due to the growth of investments this year.
The BBOI has been promoting investment activities by conducting BARMM-wide Investment Priorities Plan (IPP) consultations and other investment promotion activities.
The IPP, which will be the SIPP or Strategic Investment Priorities Plan by next year as provided by the CREATE law, is the list of all industries and sectors wherein investments in these industries are given fiscal incentives, such as income tax holiday and reduced duties and tariffs for capital equipment, by investment promotion agencies.
The increase in investment this year has prompted the BBOI to work harder in improving the business and employment generation that will benefit every Bangsamoro in the long run.
“For the coming year 2022, there is a growing clamor for the passage of a BARMM investments and incentives law to put investments in the BARMM on a more stable footing and to meet the challenges of competition for investments with other regions, especially after the ravages of typhoon Odette,” Mastura said.
He added that BARMM needs to allocate more personnel for investments and provide a more efficient structure conducive to facilitating investments in the region.
Source: Philippines News Agency
