BARMM reports P3.5B in investment since start of 2024

BARRM Cabinet Secretary Mohd Asnin Pendatun speaks at the Saturday News Forum in Quezon City on July 20, 2024.  (PNA)

MANILA, Philippines – Investments in Bangsamoro have reached about P3.5 billion since the start of 2024, Cabinet Secretary Mohd Asnin Pendatun of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) said at the Saturday News Forum in Quezon City.

He cited the improving peace and security situation in the region for the figure that already surpassed the BARMM target for the year by 42 percent and the total P3.1 billion worth of investments in 2023.

Pendatun said investors are now seeing the potentials of BARMM as an investment hub.

“What we were able to record from 2019 to 2023… if you’re going to compare that to the ARMM (Autonomous Region in Muslim Mindanao), triple iyong laki compared to what was generated in 20-plus years of experience or existence noong ARMM (investments grew thrice than what was generated in the 20-plus years of existence of the ARMM)” he said.

He said the region has already welcomed more than 558,000 tourists, at least 1,394 of whom were foreign nationals.

“Several years back, parang imposible pong isipin na dadalawin kami ng atin pong mga foreign tourists. But nowadays, they’re showing iyong interest at saka iyong boost doon sa atin pong (it seemed impossible that we will be visited by foreign tourists. But nowadays, they’re showing interest and it boosts our) local economy,” he said.

In April, the Bangsamoro Airways began operating across the region, catering to passengers in Cotabato City, Zamboanga City and Sulu province.

Pendatun, however, admitted that rotational power interruptions remain a challenge in luring investors.

“Iyong mga cities like Cotabato especially kapag privately run iyong mga electric utility naming, okay, walang na-i-experience (For cities like Cotabato, especially if there’s a private run electric utility, they don’t experience power interruptions),” he said.

“Pero iyon iyong common na hinaing ng mga investor at minsan iyong reason din kung bakit hindi tumutuloy gawa noong kapag nakita iyong (But that’s the common issue raised by our investors and sometimes that is the reason they do not push through with their investments, when they see the) current picture in terms of power in Mindanao,” he added.

“Malaking cost on their part to sustain iyong business. But hopefully, ma-address ho namin ito (It would be a huge cost on their part to sustain business. But hopefully, we can address this),” he added.