INVESTMENT UPSURGE. Members of the Bangsamoro Board of Investment (BBPOI) meet Thursday (May 18, 2023) and is expecting to surpass this year’s target of PHP2.5 billion. Since January this year, the region managed to generate a total of PH1.44 billion worth of investments. (Photo courtesy of BBOI)
COTABATO CITY – The Bangsamoro Board of Investments (BBOI) has approved PHP1.77 billion worth of investments in the past five months, more than double during the same period last year.
“From January to May 2023, BBOI has approved nine new projects worth P 1.77 billion investments,” BBOI chairperson Mohamad Omar Pasigan said in a statement Friday.
The projects included an academic school located in Cotabato City; an oil depot in Polloc Port, Maguindanao del Norte; a shipping company in Tawi-Tawi; and a beach resort located in Sitio Timako, Barangay Kalanganan in this city, among others.
Pasigan said the new investments are expected to provide initial employment to some 300 workers.
Last year, the region managed to generate over PHP850 million worth of investments in the same period.
Pasigan attributed this year’s higher investment approvals to the leadership of BARMM Chief Minister Ahod Ebrahim and his advocacy of attracting both local and foreign investors to the region.
“We believe that we are now reaping the results of the BARMM administration’s investment initiatives,” he said, adding that two more projects are lined up for approval later this month.
On Thursday, the investment body met for updates on the region’s status.
“Once the two projects are approved, we will generate a total of P2.7 billion investments that will surpass the region’s PHP2.5 billion investments target for the fiscal year 2023,” Pasigan said.
Following a successful trade mission in Dubai, Pasigan expressed confidence that more investments will pour in during the second semester of this year.
On May 1-3, the BBOI showcased potential investment venues in the BARMM at the 9th Annual International Conference and Exhibits 2023 in Dubai, United Arab Emirates.
Held at the Grand Hyatt Dubai, the event provided a platform for BBOI to present and open more doors for investments in the region.
“Our region is a thriving hub of innovation, progress, and growth, with a diverse range of industries that provide endless opportunities for businesses of all sizes,” he said. (PNA)
