COTABATO CITY—Four companies have entered P860 million worth of investments here following the Bangsamoro Board of Investments’ (BBOI) approval of their registration on January 18, 2024.
BBOI Chairperson Mohammad Pasigan emphasized the board’s dedication to attracting strategic investments that will drive economic progress, create job opportunities, and enhance the overall quality of life in the region.
“The investments, totaling P859,283,300, and the creation of 642 jobs, reflect a positive outlook for the region’s economic future,” he said.
The approved companies are venturing in beach resort, expansion of an existing tourism complex, fishing, and an Islamic financial institution.
“We are excited to welcome these four companies to the Bangsamoro region. Their diverse contributions across tourism, urban development, aquaculture, and financial services align with our vision for a vibrant and sustainable economy,” Pasigan added.
The approved beach resort investment located in Tawi-Tawi is set to elevate the tourism sector in the Bangsamoro region, focusing on sustainable and responsible travel practices.
With a strategic approach to promoting cultural heritage and natural beauty, the resort is poised to contribute significantly to the local economy.
Meanwhile, the expansion of the existing tourism complex located in Cotabato City specializes in the expansion of building rentals and aims to meet the growing demand for commercial and residential spaces in the region.
Their innovative and modern approach to real estate development is anticipated to spur urban growth and enhance community living.
Pioneering in the aquaculture sector registered also at BBOI, the fishing company located at South Ubian, Tawi-Tawi focuses on sustainable fishing practices and the responsible cultivation of aquatic resources with a commitment to environmental stewardship, the company aims to contribute to food security and economic prosperity in the region.
Last registered is the Card Bank Incorporated, as a new financial institution it is set to become the first of its kind in the Bangsamoro region specializing in Islamic banking and is expected to meet the unique financial needs of the region, promoting ethical and Sharia-compliant financial services.
Abdel Aziz Halun, Vice-Mayor of South Ubian Municipality in Tawi-Tawi and stockholder of the newly registered Hit Master Fishing Company said, “I am a Bangsamoro and I want to legalize and legitimize the operation of our business within BARMM to support its progress.”
Contracts and Procurement Officer of Cotabato City 8Z’s Tourism Complex, Ratsanjani Debarosan Niaz, mentioned that there are several benefits of registering the companies within the Bangsamoro region.
“Aside from 6 years of tax exemption gained from registering the company, the Board of Investments also helps the company in promoting the business. More than that, registering our business is a sign of our unity and support our region towards progress,” Niaz stressed.
BBOI’s initiative of encouraging more investment falls on the 3rd out of the 12-Point Priority Agenda of Chief Minister Ahod Ebrahim which is to intensify revenue generation and maximize the revenue potential in the region. (Kasan Usop, Jr./BIO)
