PEACE BY PEACE
Since its establishment in 2019, the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) has steadily emerged as a promising frontier for economic growth and development. Once perceived as a region fraught with challenges, BARMM is now experiencing favorable investor confidence, signaling a new era of prosperity and opportunity for its people.
As of October 2024, the Bangsamoro region drew investments worth ₱4.7 billion, exceeding its initial target of ₱2.6 billion by 181 percent, the Bangsamoro Board of Investments reported.
Although the 2024 economic report from the Philippine Statistics Authority has yet to be released, the agency has earlier reported an encouraging picture, revealing a 4.3 percent surge in BARMM’s economy in 2023, translating to a substantial ₱11.9 billion increase in its estimated gross domestic product (GDP). This growth, which saw the regional GDP climb from ₱280.3 billion in 2022 to ₱292.2 billion in 2023, signals a positive trajectory for a region long associated with conflict and underdevelopment.
A significant development that underscores the growing confidence in BARMM’s future is the recent grand opening of the KCC Mall in Cotabato City on April 2.
The newly inaugurated KCC Mall stands as a towering four-story structure. Spanning 190,000 square meters on a prime six-hectare location. It is equipped with eight state-of-the-art cinemas, an exclusive directors’ lounge, and a spacious convention center. Adding to its allure, plans are underway for a premier hotel within the complex, promising to further boost the local economy and provide much-needed amenities. KCC offered a huge ₱10-billion fresh investment into the BARMM economy, which will generate 10,000 direct and indirect employment.
The sheer scale and ambition of this project speak volumes about the growing confidence in the region's potential. Currently, the mall company operates five malls across Mindanao with the Cotabato branch as the biggest in terms of floor area.
Arvin T. Chan, the CEO and president of the KCC group, aptly stated that their venture is more than just a business expansion. Their presence in Cotabato City is a “homecoming.”
He elaborated on the company's roots, revealing that the mall operator's origins lie in Maguindanao province. According to Chan, it has always been their founders’ wish to “someday, we [can] go back to this area and build a very big store, which they can be very proud of.” This sentiment underscores a powerful connection and a long-term commitment to the region's progress.
Beyond the personal ties, Chan also articulated a strong belief in BARMM’s economic prospects. He emphasized that “the BARMM is a very untapped region. There’s a lot of potential.”
This observation resonates with many who are now recognizing the vast resources and the burgeoning consumer market within the autonomous region.
The establishment of a major commercial center like KCC Mall is not just about retail; it's about creating jobs, stimulating local businesses, and fostering a sense of dynamism within the community.
In a call to action for other investors, Chan passionately stated: “We hope other investors will come in. We are also doing our part in convincing them to come in. We talked about the good things here in the BARMM region and I hope everybody [will] come and invest here.”
His words highlight the crucial role that pioneering investments play in attracting further economic activity. By taking the leap and demonstrating success, companies like KCC are paving the way and inspiring others to explore the opportunities that BARMM offers.
Cotabato City Mayor Bruce Matabalao said that Cotabato, the crown jewel of the BARMM, was just a “third-class city” but now a “first-class city.”
BARMM Interim Chief Minister Abdulraof Macacua said the inflow of investment is a clear indication that stability and sound governance are attracting businesses to the region, highlighting the crucial link between peace and economic development.
“When peace and good governance are in place, development follows. Investors come in when they see stability, potential, and reliable services. That’s exactly what Cotabato City offers [...], and we should all be proud,” Macacua emphasized.
The favorable economic performance of BARMM such as the arrival of significant investments serves as a powerful testament to the effectiveness of the ongoing peace process.
While challenges undoubtedly remain, a stable and secure environment is the bedrock upon which economic prosperity can be built. The willingness of investors to commit significant resources to the region signals a growing confidence in the durability of peace and the potential for long-term growth.
The economic strides made by BARMM offer a compelling narrative of progress and opportunity. As President Ferdinand R. Marcos, Jr. said during the 10th anniversary of the Comprehensive Agreement on the Bangsamoro: “Peace…is neither found in the documents that we have exchanged, nor the elegant prose of our agreements. We knew that peace to our people will be found in the businesses launched, in the jobs that were created, the schools, the new hospitals that were opened, the farms that were irrigated, the roads that will be constructed.”
The seeds of a more prosperous future have been sown, and with continued commitment to peace, good governance, and attracting further investments, the BARMM is poised to blossom into a significant economic contributor to the Philippines.
(Secretary Carlito G. Galvez, Jr., is the presidential adviser on peace, reconciliation and unity.)