COTABATO CITY—The Bangsamoro Board of Investments (BBOI) greenlit significant investments totaling P2,060,949,702, with an estimated 1,155 jobs set to be generated through the venture.
On April 16, 2024, the board convened and approved the registration of a diverse array of ventures, showcasing the Bangsamoro Autonomous Region in Muslim Mindanao’s (BARMM) potential across various sectors.
BBOI Chairperson Mohamad Pasigan mentioned that this collective influx of investments is projected to inject P3.7 billion into the local economy in the fiscal year 2024 alone.
“Beyond monetary gains, the ripple effect of these investments is poised to create tangible opportunities for employment,” Pasigan said.
He added, “The approval of these investments marks a significant milestone for the Bangsamoro region, signaling its emergence as an increasingly attractive destination for both domestic and foreign investors.
The approved investments include two ventures in the domain of tourism, promising to enrich the local landscape with new attractions and hospitality offerings and two companies dedicated to bolstering infrastructure and logistics, vital components in facilitating seamless connectivity and trade.
Another notable entry into the fold was an agro-agricultural processing company, highlighting the region’s commitment to harnessing its agricultural potential and adding value to its abundant natural resources.
Pasigan also emphasized this BBOI’s achievement in surpassing more than 42.31 percent of its annual target for the year 2024 punctuates the growing confidence in the region’s business climate and the effectiveness of its investment promotion efforts.
“With each approval, the region takes a step closer to realizing its vision of becoming a beacon of growth and prosperity in the Philippines,” he further stressed.
The BARMM continues its trajectory of economic transformation; such investments serve as pillars of sustainable development, laying the groundwork for a prosperous and resilient future. (Kasan Usop, Jr./BIO with reports from BBOI)