COTABATO CITY: The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) has generated P2.8 billion worth of investments this year amid the coronavirus pandemic.
Lawyer Ishak Mastura, chairman of the Regional Bangsamoro Board of Investments (BBOI), said the Bangsamoro region surpassed on Sunday its investment target for 2021, exceeding the P2.5-billion target with more than P300 million worth of additional investments.
Mastura stated 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 P14-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.
The decline in investments in the region in 2020 was attributed to issues on continuity under the new BARMM and the adjustments made by investors with the impending passage of the Corporate Recovery and Tax Incentives for Enterprises (Create) law, as well as the lockdowns instituted by the government to contain the coronavirus pandemic.
The Regional BBOI has been promoting investment activities by conducting BARMM-wide Investment Priorities Plan consultations and other investment promotion activities which serve the Strategic Investment Priorities Plan by next year as provided by the Create law.
The Create law allows fiscal incentives, such as income tax holidays and reduced duties and tariffs for capital equipment by investment promotion agencies for approved business investment activities.
Mastura also 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 destruction caused by 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 added.
