MARAWI CITY—The Regional Bangsamoro Board of Investments (BBOI) of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) announced that it has already submitted to Chief Minister Ahod B. Ebrahim the draft copy of a proposed bill for an Investment and Incentives Law for the region.
The draft bill entitled, “An Act Providing for the Regional Investment and Incentives Law” or the “Bangsamoro Investment Code”, shall provide structure and functions of the Regional BBOI following its devolution from the national Board of Investments.
The code is seen as a key regional response and complementary policy initiative to the slew of economic reform laws enacted during the Duterte administration, such as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, the amendment to the Public Service Act, the amendment to the Foreign Investment Act, Retail Trade Liberalization Act, and the Microgrid System Law, among others.
“With the economic reforms under the Duterte administration taking shape, BARMM has to become economically more competitive and keep up with the times,” said Regional BBOI Board of Governor Mohamad Pasigan.
“The CREATE law provides a uniform fiscal incentive scheme for all Investment Promotion Agencies, including the RBOI-BARMM, but the BARMM can provide for better ease of doing business in the region thru this proposed bill by enhancing the effectiveness of the service delivery of our agency,” Pasigan added.
Regional Board of Investment Chair Atty. Ishak Mastura stated that the proposed bill will still undergo a review by an Inter-Agency Technical Working Group headed by their agency composed of the ex-officio members of the Regional BBOI Board of Governors, namely the Ministry of Trade, Investment and Tourism (MTIT), the Ministry of Agriculture, Fisheries and Agrarian Reform (MAFAR) and the Ministry of Finance, and Budget and Management (MFBM), and the Bangsamoro Attorney-General’s Office (BAGO).
“We will soon begin conducting consultations with the business sector but considering the importance of this bill, the Chief Minister himself—being the principal promoter of investments in the BARMM—has signified that he will be the principal author or sponsor of the bill under the parliamentary system of the BARMM,” Mastura said.
Meanwhile, Regional BBOI is targeting the passage of the law on or before the end of the Duterte administration. (Kasan M. Usop, Jr. / Bangsamoro Information Office)