Despite pending BBL in Congress, investors remain optimistic – investment official

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COTABATO  — Despite uncertainty on the fate of the draft Bangsamoro Basic Law in the country’s legislature, investors and business leaders in the province of Maguindanao remained confident in the business opportunities in the region, an investment official said Wednesday.

Hundreds of business leaders and investors participated in a public consultation here today to promote the region’s industries and to review the 2014 ARMM Investment Priorities Plan (IPP).

The Regional Board of Investments of the Autonomous Region in Muslim Mindanao (RBOI-ARMM) led the consultation with concerned government agencies and other stakeholders.

According to Lawyer Ishak Mastura, chairman of RBOI, the exercise was part of the regional government’s objective of increased participation of stakeholders in the planning of the region’s economic development.

“We will conduct the same public consultation in the other provinces of the region (Lanao de Sur, Basilan, Sulu and Tawi-Tawi),” RBOI chairman Mastura said. The 2014 IPP is a tool for industrial development, economic growth and consists of specific economic activities that are based on industry studies, plans and roadmaps.

This corresponds to the Regional Development Plan of ARMM in accordance with the 2011-2016 Philippine Development Plan.

The identified priority economic activities are the basis for the incentives granted to qualified investors in the region.

Mastura said the parameters in the review of the projects include net value added, job generation, multiplier effect and measured capacity.

The 2014 ARMM IPP preferred activities, or key industries, are agriculture; agribusiness; aquaculture fishery; basic industries; consumer manufactures; infrastructure and services; industrial service facilities; engineering industries; logistics; BIMP-EAGA (Brunei Darussalam-Indonesia-Malaysia-Philippines East Association of Southeast Asian Nations Growth Area) trade and investment enterprises; tourism; health; education; services and facilities; and halal industry.

As of June 2015, a total of about Php1.5-billion worth of projects were invested in the region.

Chan C. Mining Inc. invested Php741.8 million for its nickel ore mining and quarrying project in Tawi-Tawi.

The Lamsan Power Corp. expanded its existing power plant to an additional 5.5 megawatts capacity worth Php686.7 million in Maguindanao, and the Tawi-Tawian Petroleum Trading, a company into importation and distribution of petroleum products, invested Php121.2 million including building an oil depot in Tawi-Tawi.

RBOI also registered firms into Promotion of Investments Sustainability Organization (PISO) to strengthen investments generation in ARMM through a strong partnership with the private sector.

The PISO will serve as an advisory body on issues related to investments and will help promote the region as a viable business destination to potential investors.

The BBL, a product of the Comprehensive Agreement on the Bangsamoro between the government and the Moro Islamic Liberation Front (MILF) is expected to further improve the investment climate in the region’s five provinces.