COTABATO CITY – The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) has exceeded its investment generation target by more than P300 million this year, the Bangsamoro Board of Investments (BBOI) recently said.
In a statement, the BBOI-BARMM said P2.8 billion worth of investments were generated by the region this year, exceeding its P2.5 billion target for 2021.
Lawyer Ishak Mastura, BBOI-BARMM chair, said the approved and registered companies that invested in the BARMM included the Al Muzafar Agriventure, Inc. with 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 despite the continuing struggles of investors and companies to survive the economic crisis brought about by the pandemic,” Mastura said.
A decline in investments was experienced by the region last year due to RBOI 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 CREATE law, not to mention the lockdowns instituted by the government to contain the spread of the coronavirus disease 2019.
Mastura said the region also recorded a 2,287 increase in the employment of workers due to the growth of investments this year.