IFPB co-chairs Minister of Finance, Budget, and Management (MFBM) Atty. Ubaida Pacasem (Front, 2nd Left) and Secretary of Finance (DOF) Ralph Recto (Front, 2nd Right) present the signed Guidelines on Official Development Assistance (ODA) Loans to the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) during the 7th Intergovernmental Fiscal Policy Board (IFPB) Meeting on September 3, 2024. (Photo courtesy of DOF)
COTABATO CITY—The Intergovernmental Fiscal Policy Board (IFPB) has approved guidelines on Official Development Assistance (ODA) loans for the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), marking a significant step towards bolstering the region’s socio-economic development.
The guidelines, ratified on Sept. 3, 2024, were co-chaired by Bangsamoro Ministry of Finance, Budget, and Management (MFBM) Minister Atty. Ubaida Pacasem and Department of Finance (DOF) Secretary Ralph Recto.
This move establishes a framework for BARMM’s engagement with ODA loans, a key tool for financing infrastructure and socio-economic initiatives.
Minister Pacasem expressed gratitude for the collaboration between the National and Bangsamoro governments, stating, “We are grateful to the National Government for its unrelenting support and assistance to the Bangsamoro Government.”
He also noted, “I take pride in the contribution of the IFPB in improving our fiscal landscape which we have successfully determined the taxable elements of the capital gains tax, donor’s tax, documentary stamp tax, and estate tax.”
The guidelines will serve as a cornerstone for future socio-economic development initiatives, while also aiding in the formulation of the Bangsamoro International Development Assistance Handbook, which will govern BARMM’s access to loans from foreign governments and institutions.
The IFPB clarified the division of tax administration between the Bangsamoro Revenue Office and the Bureau of Internal Revenue, reinforcing fiscal autonomy as envisioned in the Bangsamoro Organic Law.
“The IFPB reinforces the genuine and meaningful fiscal autonomy envisioned in the Bangsamoro Organic Law,” Pacasem further added.
Secretary Recto emphasized the transformative potential of the guidelines.
“This document sets in motion the Bangsamoro Government’s future ODA projects that will help realize the dreams and aspirations of the Bangsamoro people,” he said.
Further, Recto said beyond financing, the guidelines would provide the BARMM with access to knowledge, technology transfers, capacity-building, and a wealth of experience from experts and development partners around the world.
“We will stand with you, every step of the way, to achieve fiscal sustainability and meaningful autonomy in the Bangsamoro region,” Recto remarked.
BARMM officials from the Bangsamoro Planning and Development Authority (BPDA), Office of the Chief Minister (OCM), Bangsamoro Attorney General’s Office (BAGO), Cooperative and Social Enterprise Authority (CSEA), and the Ministry of Trade, Investments, and Tourism (MTIT) were present at the meeting. Representatives from the National Economic and Development Authority (NEDA), Department of Budget and Management (DBM), Department of Trade and Industry (DTI), and the Development Bank of the Philippines (DBP) also attended. (Kasan Usop, Jr./BIO)
