BARMM breaches investment target

INQUIRER FILES

COTABATO CITY – The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) has continued to be a hot destination for new business ventures, helping fuel the growth of regional employment.

With the continued influx of investments, according to the Bangsamoro Board of Investments (BBOI), the regional government’s target of P2.6 billion for this year was surpassed within only five months.

The most recent venture set up in the region is the Silong Verandah Mountain Resort in Barangay Tenorio of Datu Odin Sinsuat town, Maguindanao del Norte.

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At the cost of P74.4 million, the project is expected to generate 45 new jobs when fully operational, said BBOI chair Mohammad Omar Pasigan.

The BBOI had recently approved incentives for the project, pushing the total investments registered with the agency to P3.823 billion, so far.

The amount exceeded the 2024 investment target by 50 percent.

“We are thrilled to see the Bangsamoro economy flourish with the continuous influx of investments in the tourism sector,” Pasigan said.

“The resort’s construction and operation could create jobs for Teduray residents, boosting local income and fostering economic development. Additionally, the resort’s establishment might lead to improved infrastructure in the area, such as roads and utilities, benefiting the entire community,” Pasigan added.

Last month, the BBOI approved some ₱2.06 billion worth of investments in tourism, infrastructure and logistics, and agri-processing. The operation of the new businesses, according to Pasigan, could inject some P3.7 billion into the regional economy in 2024.

These investments, he further said, will directly generate about 1,155 new jobs. The tourism projects, Pasigan explained, promises to enrich the local landscape with new attractions and hospitality offerings while the agri-processing venture helps to harness value adding the region’s agricultural potential.

Pasigan noted that the region has already emerged as an increasingly attractive destination for both domestic and foreign investors.

“With each (investment) approval (by BBOI), the region takes a step closer to realizing its vision of becoming a beacon of growth and prosperity in the Philippines,” Pasigan said.