BARMM approves P1.77B in investment pledges

Cotabato City – The Bangsamoro Board of Investments (BBOI) approved P 1.77 billion worth of investments in the first five months of 2023, more than double the investments approved last year.

 “From January to May 2023, BBOI has approved a total of nine (9) new projects worth P 1.77 – billion investments, which is higher as compared to the approved investments on the same period in 2022,” BBOI Chairperson Mohamad Omar Pasigan said in a statement.

The increase in the investments came about when four (4) new projects were approved in a board meeting convened by the BBOI on May 16, 2023. These projects include an academic school located in Cotabato City, an oil depot in Polloc Port, Maguindanao del Norte, a shipping company in Tawi-Tawi and a first ever beach resort located in Timako, Kalanganan, Cotabato City with a total of P 1.17 – billion worth of investments.

According to the investment promotion agency, these projects are projected to generate 259 jobs.

Chairperson Pasigan attributed the higher investment approvals to the leadership of Chief Minister Ahod B. Ebrahim and his advocacy which was aimed at attracting both local and foreign investors.

“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 P 2.7 – billion investments exceeding the P 2.5B investments target for FY 2023,’ Chairperson Pasigan added.

Chairperson Pasigan expressed confidence more investments will pour in after the 1st semester of FY 2023.