MARAWI CITY, Lanao del Sur (PIA)--The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) generated a total of P2.8-billion worth of investment exceeding its P2.5-billion investment target this year.
Regional Bangsamoro Board of Investments (BBOI) Chairman Lawyer Ishak Mastura said the approved and registered companies that invested in the BARMM included the Al Muzafar Agriventure, Inc. (P950-million worth of investments); ES Maulana Global Ventures Company, Inc. (P998-million ); Eight Z’s Building Property Rental (P398-million); Lanao del Sur Corn Development Corp. (P408-million); and the Prime Certification and Inspection Asia Pacific, Inc. (P49-million).
“The total amount is a strong rebound from the P14-million investments registered in 2020, and this (came) despite the continuing struggles of investors and companies to survive the economic crisis brought about by the pandemic,” Mastura said.
Mastura further said the Bangsamoro region has recorded a 2,287 increase in employment this year due to the growth in the investments.
Accordingly, the notable decline in investments in the region last year was due to issues on continuity under the new BARMM, the adjustments of investors due to the impending passage of the Corporate Recovery and Tax Incentives for Enterprises or the CREATE law, and the lockdowns instituted by the government to contain coronavirus disease (Covid)-19.
The Regional BBOI has been promoting investment activities by conducting BARMM-wide Investment Priorities Plan (IPP) consultations and other investment promotion activities which served as the Strategic Investment Priorities Plan by next year as provided by the CREATE law.
CREATE law is the list of all industries and sectors, wherein investments in the said industries are given fiscal incentives, such as Income Tax Holiday and reduced duties and tariffs for capital equipment by investment promotion agencies.
Mastura also said that for 2022, there will be 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.
"The BARMM needs to allocate more personnel for investments and provide a more efficient structure conducive to facilitating investments in the region,” Mastura stressed. (Bangsamoro Information Office)
