Two new investments bring in P130 million to BARMM
FILE PHOTO: The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) seat of government is located in Cotabato City. Photo by Bong Sarmiento
COTABATO CITY — Two new investments brought in capital worth about P130 million to the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), the Bangsamoro Board of Investments (BBOI) revealed Tuesday, February 28.
Mohammad Pasigan, BBOI chair, identified the new investors as the M & R Layer Poultry Farm in Sultan Mastura town, Maguindanao del Norte province, and the Timako Seafood Resto in Cotabato City, the regional capital.
Both have been approved for the grant of incentives by the BBOI.
Pasigan invited investors to pour capital into the BARMM, which is composed of the provinces of Maguindanao del Sur, Maguindanao del Norte, Lanao del Sur, Basilan, Sulu, and Tawi-Tawi, the cities of Marawi, Lamitan, and Cotabato, and 63 villages in Cotabato province, collectively known as the Special Geographic Area.
He said their promotion is anchored on the region’s Strategic Investment Priorities Plan (SIPP), which covers agriculture, fisheries, infrastructure, energy, tourism, and the halal industry, among others.
Article continues after this advertisement“BBOI will exert more efforts in promoting (the region’s) investment (potentials) by conducting BARMM–wide SIPP consultations and will even go out of its way to attract investors through business coaching and investment facilitation,” Pasigan said in a statement.
Article continues after this advertisementM & R Layer Poultry Farm, which produces halal eggs in Barangay Buliok, invested P107 million in the project, seen to generate about 100 jobs.
“This is the second approved investment of the BBOI focusing on the halal industry. BARMM is now in the process of developing and promoting halal industries as a mode of achieving equity and justice among our farmers and producers, and increasing employment opportunities for the domestic labor force,” said Bangsamoro Trade Minister Abu Amri Taddik, an ex-officio member of the BBOI.
The Bangsamoro region must make its halal industry more competitive through, among others, research and product development, quality assurance measures, and value-adding mechanisms for BARMM to carve a name in the regional and international halal markets, he added.
The Timako Bay Seafood Resto is investing P22.5 million in a tourism-related facility and attraction located in Barangay Kalanganan II, Cotabato City.
The proponent aims to develop a halal restaurant by the beach, with a function hall that can accommodate a maximum of 200 people and generate about 30 jobs.
“The coronavirus pandemic had a devastating impact on the restaurant industry. Hopefully, this registration will significantly (attract) the possibilities of putting up more restaurants to boost the economy of the region,” said Member of Parliament Suharto Ambolodto, a member of BBOI’s Board of Governors.
Last month, the BBOI registered three investments worth P475 million.
The Beauty of Life Beach Resort, KS Agricultural Products Trading, and Shahada Medical and Diagnostic Clinic are Filipino-owned ventures.
BBOI said it is eyeing P2.5 billion in total investments this year. The five new businesses, so far this year, brings to over P600 million the total investments poured into the region in the last two months, or about a fourth of BBOI’s target.
Pasigan expressed optimism BBOI can surpass this year’s target.
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