MARAWI CITY (PIA) — The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) is poised for significant economic expansion following the approval of P2,060,949,702 worth of investments during the Bangsamoro Board of Investments (BBOI) board meeting on April 16, 2024.
The BBOI gave the green light to a diverse range of ventures across various sectors, including tourism, infrastructure, logistics, and agro-agricultural processing. These investments are set to invigorate the local economy and create opportunities for growth and development across the region.
Among the approved projects are two ventures in the tourism sector, promising to enhance the region’s attractions and hospitality offerings. Two companies dedicated to bolstering infrastructure and logistics have also been welcomed, highlighting BARMM’s commitment to fostering connectivity and facilitating trade. Furthermore, the registration of an agro-agricultural processing company underscores the region’s determination to harness its agricultural potential and add value to its abundant natural resources.
The cumulative impact of these investments is projected to inject P3.7 billion into the local economy in the fiscal year 2024 alone, providing a significant boost to BARMM’s economic landscape.
Moreover, these ventures are expected to generate approximately 1,155 employment opportunities for the Bangsamoro people.
“With the approval of these projects, BARMM is well on its way to realizing its vision of becoming a hub of growth and prosperity in the Philippines,” said BBOI chairperson Mohamad Omar Pasigan. (BBOI/PIA Lanao del Sur)
