Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) generated a total of P2.8-billion worth of investments, exceeding its target of P2.5 billion for 2021, the Regional Bangsamoro Board of Investments (BBOI) said Saturday.
In a statement, Regional BBOI chairman Atty. 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 Php14-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.
“Due to growth in the investment target, the Bangsamoro region has recorded a 2,287 increase in employment this year,” Mastura added.
He said the notable decline in investments in the region last year was due to issues on continuity under the new BARMM and the adjustments of investors due to the impending passage of the Corporate Recovery and Tax Incentives for Enterprises or the CREATE law, not to mention the lockdowns instituted by the government to contain COVID-19.
The Regional BBOI said it has been promoting investment activities by conducting BARMM-wide Investment Priorities Plan (IPP) consultations and other investment promotion activities which served as SIPP or the Strategic Investment Priorities Plan by next year as provided by the CREATE law.
CREATE law has 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 said that for the coming year 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,” he said. —Ted Cordero/KG, GMA News