Investments in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) have ballooned to PHP3.1 billion for the past seven months, the Bangsamoro Board of Investments (BBOI) announced Wednesday.

“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,” BBOI Chairperson Mohammad Pasigan said in a statement.

Pasigan said the achievement improved the region’s investment target for this year, which had been broken since the first half of 2023.

“BARMM’s investment target this year is PHP2.5 billion only but as of August 2, the total investment has reached PHP3.1 billion,” Pasigan said.

On Aug. 2, he said the BBOI approved the latest local investment from the Illana Bay Beach Resort, a tourist spot wholly-owned by local traders.

The holiday resort in Barangay Badak, Datu Odin Sinsuat, Maguindanao Norte has a capital of PHP340.3 million.

Given the substantial project cost, Pasigan said the significant investment venture serves as a testament to the strong commitment of both the private and government sectors in driving progress and prosperity within the region.

He said BBOI remains dedicated to facilitating a conducive environment for investments and partnerships in pursuance of BARMM Chief Minister Ahod Ebrahim’s 12-Point Priority, which is to “encourage investment and maximize BARMM’s revenue potentials.”

Liezlda Ansing, the resort supervisor, thanked the BBOI and considered it the first step to registering further for tourism accreditation.

“We need to register and promote our competitive local tourism spot in our locality to influence even outside residents to visit us and enjoy the great ambiance of our very own resort,” Ansing said.

“Aside from benefits of promotion upon registration in the BBOI, we will also enjoy various incentives including the 6-year annual incentives of free taxes,” she added.

To date, the resort is employing 69 local workers from the community, which will contribute significantly to reducing unemployment rates and uplifting the livelihoods of individuals and families in the area, she said.

Meanwhile, the BBOI Board of Governor Datu Habib Ambolodto has expressed confidence that the Illana Bay Resort will contribute much to the region’s economic growth.

“The project will further catalyze investments, development, and cooperation in the region,” Ambolodto said.

In June this year, the BBOI reported that some PHP962.9 million worth of investments have been gained for three business ventures that made them surpass their PHP2.5 billion investment for this year by some PHP200 million. (PNA)