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BARMM secures P860-M investment in Q1 of 2024, anticipates 642 jobs opening

MARAWI CITY (PIA) -- Four companies have entered P860 million worth of investments in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) following the Bangsamoro Board of Investments’ (BBOI) approval of their registration on January 18, 2024.

BBOI Chairperson Mohammad Pasigan emphasized the board’s dedication to attracting strategic investments that will drive economic progress, create job opportunities, and enhance the overall quality of life in the region.

“The investments, totaling P859,283,300 and the creation of 642 jobs, reflect a positive outlook for the region’s economic future,” he remarked.

The approved companies are venturing into a beach resort, expansion of an existing tourism complex, fishing, and an Islamic financial institution.

“We are excited to welcome these four companies to the Bangsamoro region. Their diverse contributions across tourism, urban development, aquaculture, and financial services align with our vision for a vibrant and sustainable economy,” Pasigan added.

The approved beach resort investment in Tawi-Tawi sets out to elevate the tourism sector in the Bangsamoro region, focusing on sustainable and responsible travel practices.

With a strategic approach to promoting cultural heritage and natural beauty, the resort is well-placed to contribute significantly to the local economy.

The tourism complex in Cotabato City is expanding building rentals to address the increasing demand for commercial and residential spaces in the region.

Their innovative and modern approach to real estate development will likely spur urban growth and enhance community living.

Pioneering in the aquaculture sector and registered at BBOI, the fishing company at South Ubian, Tawi-Tawi, focuses on sustainable fishing practices and the responsible cultivation of aquatic resources with a commitment to environmental stewardship, the company aims to contribute to food security and economic prosperity in the region.

Card Bank Incorporated, a newly registered financial institution, is set to be the first of its kind in the Bangsamoro region, specializing in Islamic banking. It is expected to meet the region's unique financial needs by promoting ethical and Sharia-compliant financial services.

Abdel Aziz Halun, Vice-Mayor of South Ubian Municipality in Tawi-Tawi and stockholder of the newly registered Hit Master Fishing Company, said “I am a Bangsamoro, and I want to legalize and legitimize the operation of our business within BARMM to support its progress.”

The contracts and Procurement Officer of Cotabato City 8Z’s Tourism Complex, Ratsanjani Debarosan Niaz, mentioned several benefits of registering the companies within the Bangsamoro region.

“Aside from 6 years of tax exemption gained from registering the company, the Board of Investments also helps the company promote the business. More than that, registering our business is a sign of our unity and support our region towards progress,” Niaz stressed.

BBOI’s initiative of encouraging more investment falls on the 3rd out of the 12-Point Priority Agenda of Chief Minister Ahod Ebrahim, which is to intensify revenue generation and maximize the revenue potential in the region. (BIO/PIA Lanao del Sur)

About the Author

Apipa Bagumbaran

Assistant Regional Head

Region 10

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