Tuesday Nov, 29 2022 02:21:11 AM

BARMM holds Marawi Business Forum on Incentives Law 

Economic News • 08:15 AM Tue Nov 30, 2021
575
By: 
RBOI-BARMM
RBOI-BARMM officials and participants. (Shared photo)

COTABATO CITY - The Bangsamoro Board of Investments (RBOI-BARMM) in cooperation with the Bangon Marawi Chamber of Commerce and Industry (BMCCI) successfully conducted an “Investment Forum and Orientation on Corporate Recovery and Tax Incentives for Enterprises Act (CREATE)” as part of its efforts to promote Marawi City and the province of Lanao del Sur as an ideal investment destination in the BARMM on November 25, 2021 at Soti Gas Station commercial square in Marawi City. 

Prominent Marawi businessman, Elian Macala, who is at the same time the President of BMCCI, the sole recognized PCCI affiliated chamber in Marawi City, hosted and provided the logistical support for the said forum.  Macala acknowledged that the situation in Marawi and Lanao del Sur is improving after the 2017 Marawi Siege but there is still an urgent need to provide more resources and the participation of the private sector and businessmen to help sustain and further develop the growth of the only Islamic city in BARMM, as a major factor in boosting the BARMM economy.

Aside from the members of the Bangon Marawi Chamber, the forum was attended by potential investors and strategic partners, including government officials and private sector representatives from Marawi City.  Testimonials from the RBOI-BARMM registered firms like Mt. Kalatungan Agriventures, Inc. and Wao Development Corporation, who are engaged in Cavendish banana export and Pineapple export, respectively, were given in order to highlight the comparative advantages of agricultural investments in Lanao del Sur.  A representative from the Land Bank of the Philippines also served as resource person in the forum to present its loan programs for Small and Medium enterprises.  

In his remarks, lawyer Ishak V. Mastura, Chairman of RBOI-BARMM noted that RA 11534 or CREATE Act is looked upon by many businesses as a life-saver especially with the outbreak of Covid-19 virus. Believed to be a game-changer, CREATE aims to improve equity and efficiency of the corporate tax system by lowering the rate, from 30% to 20%, but more importantly by providing for a simplified Incentives Law for all investments in the country, wherein the Tax Incentives given for private sector investments are rationalized and have become uniform across the different Investment Promotion Agencies that includes the RBOI-BARMM.

Mastura also explained the different activities under the Investment Promotion Plan (IPP) that are registrable in the RBOI-BARMM, which IPP specifically includes the Halal industry, and Islamic banking, wherein fiscal incentives for investment projects in such industries can only be availed in the BARMM.

Also gracing the event was the Southern Philippines Development Authority (SPDA) represented by Almahdi G. Alonto. Alonto tackled the current economic situation in Mindanao, particularly in Marawi City and Lanao del Sur, and defined the role of SPDA in implementing and managing economic development projects in Mindanao. To that end, the SPDA informed the forum participants about the recently launched Agro-Industrial Development Program in the SPDA area of around 25,000 hectares in Wao and Amai Manabilang in Lanao del Sur.  

Pagpatay sa mga kasapi ng CAFGU sa Buldon, Maguindanao Norte, kinundina ng 6th ID

CAMP SIONGCO, Maguindanao del Norte – Mariing kinundena ng pamunuan ng 6th Infantry Division ang pamamaril sa mga kasapi ng civilian active auxiliary...

Bigtime oil price rollback on Tuesday, Nov. 29

MANILA – Oil companies today announced another round of oil price rollback that will take effect Tuesday morning. The pump prices of diesel will...

Explosion naganap sa Pikit, North Cotabato

ISANG pagsabog ang natala sa Sitio Pogpog Brgy., Poblacion, Pikit, Cotabato bandang alas 10:20 kagabi, November 27, 2022. Ayon sa mga residente,...

Unknown to him, man sells carnapped motorbike to its owner

NABULAGA ANG DALAWANG mga suspek matapos na malamang ang pinagbentahan nila ng kanilang nakaw na motorsiklo ay ang mismong may-ari nito. Una nito...

P102,000 worth shabu seized from 3 drug den operators

COTABATO CITY – Anti-narcotics agents seized P102,000 worth of shabu from three operators of a clandestine drug den entrapped in Datu Odin Sinsuat,...