The Bangsamoro Autonomous Region in Muslim Mindanao administration building in Cotabato City. (Photo courtesy of BPI-BARMM)
COTABATO CITY -- A total of PHP4.153 billion worth of investments has been generated by the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) for 2019, exceeding its PHP2.3 billion target for the year, for an equivalent of a 180-percent increase in investments.
The approved and registered companies that invested in BARMM included the JMI Sand and Gravel Truck Services with PHP1.4 billion worth of investments; the Lamitan Agri-Business Corp. (PHP1.8 billion); Maguindanao Corn Development (MCD) DSA-I Corp. (PHPP515 million); Wao Development Corp. (PHP306 million); and the Hong Kong Feng Sheng Heritage Philippines, Inc. (PHP100 million).
In a December 4 report, lawyer Ishak Mastura, chairman of the Regional Board of Investments (RBOI), said the region also recorded a 2,724 increase in employment due to the growth in investments.
"The BARMM has shown the benefits of peace in terms of more willing investors in the region,” Mastura said, citing that BARMM is always open for business.
Shamera A. Abobakar, RBOI senior investment specialist, noted a 217 percent and 200 percent increase, respectively, in investments and employment for the region from 2018 to 2019.
“For investments, the number progressed from PHP1.3 billion in 2018 to PHP4.1 billion in 2019, while for employment, the number increased from 905 to 2,724,” she said.
Abobakar added that the RBOI has been promoting investment activities by BARMM-wide Investment Priorities Plan consultations, Business Sustainability Framework in the Bangsamoro, and other investment promotion activities. (PNA)
