NEW INVESTMENTS. BARMM Board of Investments (BBOI) Chairperson Mohammad Omar Pasigan (4th from left) and Filipina Musa, Silong Verandah Mountain Resort (SVMR) manager and proprietor, pose with BBOI and company officials after the board approved the PHP74.4 million investments in tourism on May 23, 2024 in Cotabato City. Within five months this year, the BARMM has exceeded by 50 percent its targeted PHP2.6 billion investments for 2024. (Photo courtesy of BBOI)
COTABATO CITY – With the approval of a PHP74 million business venture recently, the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) has exceeded its investment target for this year, a regional board of investment official said Thursday.
Mohammad Omar Pasigan, chairperson of the Bangsamoro Board of Investments (BBOI), said this came after they approved on May 23 the establishment of a mountain resort in Datu Odin Sinsuat town in Maguindanao del Norte.
"The BBOI continues to propel economic growth in the region with the approval of another tourism-related project," he said in an interview, adding that the region's 2024 target investment has been surpassed in just five months.
Pasigan said the Silong Verandah Mountain Resort, located at Barangay Tenorio, Datu Odin Sinsuat, boasts a total project cost of PHP74.4 million and is expected to generate 45 new jobs.
He said the approval was a significant milestone for the BBOI, pushing the total investments secured for the second quarter of 2024 to PHP3.8 billion.
"This exceeds 50 percent of the annual target set at PHP2.6 billion of investments for this year," Pasigan said.
In particular, he said the resort's construction and operation could create jobs for the Teduray indigenous community, boost local income, and foster economic development.
"Additionally, the resort's establishment might improve infrastructure, such as roads and utilities, benefiting the entire community," Pasigan added.
Other previously approved investments for the year included two ventures in tourism, promising to offer the region new attractions and hospitality offerings.
BBOI also approved two more companies dedicated to bolstering infrastructure and logistics, which are vital components in facilitating seamless connectivity and trade.
Pasigan further said another notable entry was an agro-agricultural processing company, which highlighted the region's commitment to harnessing its agricultural potential and adding value to its abundant natural resources.
He said these investments are projected to inject over PHP3.7 billion into the local economy in the fiscal year 2024 alone, generating an estimated 1,155 jobs. (PNA)
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