DAVAO CITY—Two investment projects worth P200 million landed on the lap of the Bangsamoro region on the first week of the new year.
The regional Bangsamoro Board of Investments (RBOI) convened on Wednesday, January 5, to approve the registration of Pagana Kutawato Corp. and Hanabana Construction and Equipment Corp., which would pour P200 million to their respective projects.
The RBOI said the two investors would be granted fiscal incentives accordingly.
The investment project of Pagana Kutawato Corp. would cost P100,190,000 for hotel services and tourism promotions. It has a 3-storey hotel and a Halal certified restaurant and around the premises are amenities like mini grocery store and laundry shop. The RBOI said the project would generate 118 jobs.
The Hanabana Construction and Equipment Corp. is a project that would provide bulk supply and treatment facility of water in Cotabato City and nearby municipalities. The RBOI said the project is worth P96,258,978 and would generate 83 jobs.
“The project would alleviate the problem of low water supply in the city and uplift the living conditions of the community,” the RBOI said.
“These newly approved investments at the beginning of the year indicate the continuing improvement and recovery of the investment environment in the region and the economy is humming back to life with industry conditions becoming stable despite the Covid-19 pandemic,” said lawyer Ishak Mastura, chairman of the RBOI.
“This is a good start for the year and we hope that more investments will come to Barmm [Bangsamoro Autonomous Region in Muslim Mindanao] this year in order to make up for the jobs lost and economic activity curtailed by the pandemic. We also hope that the Chief Minister and responsible officials of the Barmm can provide us with more personnel to address any surge in investments this year since we foresee that after elections there will be more interest in investing in the Barmm,” he added.
A total amount of P2.8-billion investments was approved last year.
“Last year, Cotabato City generated almost P400 million investments so we see Cotabato City as a potential game changer in the investment profile of the Barmm, particularly if banks and other financial institutions would focus on Islamic banking and finance [and] use the city as their gateway to the Philippines,” Mastura said.