BARMM Attracts P3.5 Billion in Investments in 2024, Surpassing Annual Targets

QUEZON CITY – Investments in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) have surged to approximately PHP 3.5 billion since the beginning of 2024, revealed Cabinet Secretary Mohd Asnin Pendatun during the Saturday News Forum.

According to Philippines News Agency, this figure represents a 42 percent increase over the region’s target for the year and significantly exceeds the total investments of PHP 3.1 billion recorded in 2023. The secretary credited the improving peace and security situation in the region as a key factor contributing to this growth, highlighting BARMM’s emerging potential as an investment hub. He noted a marked increase in investments compared to the previous decades under the Autonomous Region in Muslim Mindanao (ARMM), stating that the current investment level is three times what was achieved in over 20 years under ARMM.

The region has also seen a rise in tourism, with more than 558,000 visitors this year, including 1,394 foreign nationals. This tourism boost is seen as a significant benefit to the local economy. In April, the launch of Bangsamoro Airways, which now serves Cotabato City, Zamboanga City, and Sulu province, has further facilitated this influx.

Despite these advances, Pendatun acknowledged challenges such as rotational power interruptions that affect investor confidence, particularly in areas where power utilities are privately run. While cities like Cotabato City experience fewer interruptions, other areas still face significant power issues, posing potential costs for businesses and impacting investment decisions.

Pendatun expressed optimism that these issues will be addressed, underscoring a commitment to enhancing infrastructure to support sustained economic growth in BARMM.