DAVAO CITY—The Bangsamoro Board of Investments (BBOI) has already approved a total of P 3.1-billion worth of investments way into the middle of the third quarter.
The BBOI said this generated 1,927 new jobs for the autonomous region. The latest approved investment was quite big, coming from Illana Bay Beach Resort in Badak, Datu Odin Sinsuat, Maguindanao del Norte, according to the BBOI.
This single investment carried a project cost of P340,316,249 and was approved during the BBOI board meeting last week.
The BBOI said the Illana Bay Beach Resort is a tourism-related facility and “poised to become a premier destination that showcases the natural beauty and cultural heritage of the Bangsamoro Autonomous Region.”
This venture stands as a testament to the commitment of both private and government sectors to drive progress and prosperity in the region, said BBOI Chairman Omar Pasigan.
The beach resort project is expected to generate 69 jobs, mostly coming from the community, Pasigan added.
“The BBOI recognizes the positive impact that such initiatives have on the socio-economic landscape, enhancing the quality of life for the people of the region,” he said.
The BBOI would continue to facilitate a conducive environment for investments and partnerships “that will drive progress and prosperity in the Bangsamoro Autonomous Region,” a statement by the agency read
Board of Governor Datu Habib S. Ambolodto said the BBOI “congratulates the proponents of the Illana Bay Beach Resort for their vision and commitment.”
“We are confident that this project will not only contribute to the economic growth of the region but also serve as a catalyst for further investments, development, and cooperation,” Ambolodto added.
Last May the approval of four investments in the Barmm lifted the BBOI’s prospects of meeting its targets for this year.
“We believe that we are now reaping the results of the BARMM administration’s investment initiatives,” Pasigan said citing the target for fiscal year 2023 at P2.5 billion. (See https://businessmirror.com.ph/2023/06/19/four-companies-pour-p1-16-billion-worth-of-investments-in-barmm/)