Photo from BBOI
COTABATO CITY—BARMM’s investment landscape continues to flourish as it welcomes four new investors, securing a total investment of Php1,168,834,000.00.
The Bangsamoro Board of Investments (BBOI) announced this achievement during its board meeting held last May 16 at the BBOI Conference Room in the Bangsamoro Government Center in this city.
BBOI Chairperson Mohamad Pasigan attributed the higher investment approvals to the leadership of BARMM Chief Minister Ahod Ebrahim and his advocacy of ‘Moral Governance’, which abled to attract both local and foreign investors.
The approved investment projects include Power-Up Ventures, a 100% Filipino-owned corporation investing Php551,050,000.00 in petroleum product distribution at Polloc Port, Parang, Maguindanao Del Norte.
Additionally, Asia Academic Integrated School, with 60% Filipino, 20% Yemeni, and 20% Egyptian ownership, is investing Php449,730,000.00 in education services and facilities at Purveyor’s Village, Rosary Heights XI, Cotabato City.
Moreover, Cotabato West Bay Eco-Park, a 100% Filipino investor, is dedicating Php130,054,000.00 to tourism-related facilities and attractions at Sitio Timako, Kalanganan II, Cotabato City. Afrazan Shipping Corporation, another 100% Filipino-owned company, is investing Php78,000,000.00 in cargo shipping between Tawi-Tawi, Basilan, and Maguindanao.
During the first five months of 2023, BBOI approved a total of nine new projects, amounting to Php1.77 billion in investments, surpassing the previous year’s figures for the same period.
BBOI Chairperson Pasigan expressed confidence that two more projects, saying, “We believe that we are now reaping the results of the BARMM administration’s investment initiatives. In fact, another two (2) projects are lined up for approval on May 31, 2023, and we will generate a total of Php2.7-billion investments exceeding the Php2.5 billion-investments target for FY 2023.”
These projects are expected to generate 259 job opportunities, showcasing the positive impact of increased investment in the region.
Chairperson Pasigan emphasized the commitment of BBOI to continue attracting investors, both local and international, to further strengthen the Bangsamoro region’s economy.
“Regional BBOI will continue to look and invite our potential investors both local, national, and even international in the Bangsamoro region with our aims to boost our economy,” he said
Antonio Santos, Jr., General Manager of Power-Up Ventures, highlighted the significance of the region’s peaceful environment, stating that the operational oil depot demonstrates the excellent peace and order situation in BARMM.
Mohamed Ablla Ali Abouzeid, Project Engineer of Asia Academic Integrated School and an Egyptian national, explained that their decision to invest in education in Cotabato City was based on a personal assessment of the area’s peacefulness and its viability for various investments.
The board meeting was attended by prominent figures, including MTIT Minister Abuamri Taddik, MFBM Minister Atty. Ubaida Pacasem, Representative of MAFAR Minister Mohammad Yacob, and BBOI Board of Governor Datu Habib Ambolodto. (Kasan M. Usop, Jr./BIO)