ARMM pitches for more financing institutions

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Thursday, March 19, 2015


CAPITALIZING on the renewed interest in the Autonomous Region in Muslim Mindanao and the bright prospects for a Bangsamoro political entity, the Regional Board of Investment (RBOI) is considering granting incentives to banks and non-bank financial institutions that locate in ARMM.

Ishak Mastura, chairman of the RBOI-ARMM, said that in the past two years ARMM has enjoyed record-breaking investments: P1.4 billion in 2013 and P3.8 billion in 2014.

In the first quarter of 2015, ARMM has attracted P863 million worth of investments, exceeding its target of P700 million, Mastura said.

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The ASEAN economic integration that will be implemented this year is also spurring the ARMM regional government to find ways to be more competitive, particularly in the field of Islamic banking and finance, Mastura said.

“ARMM has a comparative advantage in attracting investments in banks and other non-bank financial institutions ...since it is the only region where fiscal incentives can be given to them,” he said.

ARMM is ready to offeer tax holidays to banks and other financial institutions, he said.

The region remains severely underserviced by banks and other financial institutions, according to a World Bank study. PIA 12 WITH RBOI-ARMM

Published in the Sun.Star Cagayan de Oro newspaper on March 19, 2015.

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