Bangsamoro investment board surpasses 2023 target
Economic News • 19:45 PM Fri Jun 2, 2023
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By:
Edwin O. Fernandez
Photo from BIO-BARMM)
COTABATO CITY – The Bangsamoro Board of Investment (BBOI) has accomplished another milestone by logging PHP2.7 billion worth of investments from January to May, surpassing its target of PHP2.5 billion investment pledges this year.
"We are proud to report that BBOI has approved a total of 11 projects from January to May 2023, which brought PHP2.7 billion worth of investments – a 108 percent increase compared to the same period last year," BBOI chairperson Mohammad Pasigan said in a statement Friday.
Pasigan said the board approved on Wednesday two new investments amounting to some PHP962.8 million, and expected to generate employment opportunities for 1,263 workers.
The approved new investments include the Rockfort Hotels OPC in Barangay Rosary Heights in this city focusing on hotel accommodations, and LPT Company in Kapatagan, Lanao Del Sur engaged in quarrying.
"At the rate we are going now, BBOI has achieved this year the level of annual investments of PHP2.5 billion approved in the later part of 2021 which means that the region’s high-performance investments are back after the pandemic,” he said.
Pasigan added that the region’s economic and political stability are among the notable improvements under the administration of Bangsamoro Autonomous Region in Muslim Mindanao Chief Minister Ahod Ebrahim.
He said regional economic planners have an optimistic outlook for maintaining a strong performance as they make preparations for the anticipated upturn in the economy. (PNA)