P2.8-B investments pour into Bangsamoro in 2021
COTABATO CITY — As 2021 comes to a close, the Bangsamoro government is buoyed by the erstwhile conflict-torn region’s impressive performance as a magnet for investments, contributing to its goal of fostering economic development and looking forward to more inflows in 2022.
Lawyer Ishak Mastura, chair of the Regional Board of Investments (RBOI), said on Friday that this year, they were able to generate P2.836 billion in investments, P336 million more than the P2.5-billion target.
Five companies have poured money into setting up their businesses in the region, namely the Al Muzafar Agriventure Inc. (P950 million), 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 Prime Certification and Inspection Asia Pacific Inc. (P49 million).
Investments had a strong rebound in 2021, from only P14 million in 2020 due to the impact of the pandemic on the economy and the wait-and-see attitude of investors on the then-impending passage of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law, Mastura explained.
Job opportunities
The investments this year generated 2,287 jobs, the RBOI said.
The RBOI has been leading investment promotion activities for the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) and is also fine-tuning the region’s policies for investment incentives through the regular conduct of consultations for the Investment Priorities Plan (IPP).
Under the CREATE law, the IPP will be the basis for the grant of fiscal incentives such as income tax holiday and reduced duties and tariffs for capital equipment.
“For the coming year 2022, there is a 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,’” Mastura said.
“The BARMM needs to allocate more personnel for investments and provide a more efficient structure conducive to facilitating investments in the region,” Mastura added.
