₱50M fastcraft ferry venture approved in BARMM
MindaNews / 26 November — A shipping company is investing ₱50 million to further enhance the movement of people and services in the island-provinces of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), an official said Wednesday.
Mohamad Omar Pasigan, chairperson of the Bangsamoro Board of Investments (BBOI), said the agency approved the registration of the shipping firm Southern Island Dev’t OPC.
The shipping venture aims to enhance inter-island transportation to boost mobility, connectivity and economic activities in the island-provinces of Tawi-Tawi and Basilan towards neighboring areas, he said.
Pasigan said the venture will create about 50 jobs.
Chanda Gani, BBOI project evaluation officer, said the firm targets to employ five fastcraft ferries serving Bongao in Tawi-Tawi, Lamitan in Basilan, Jolo in Sulu and Zamboanga City.
She told MindaNews on the phone that the shipping company will employ fastcraft ferries with gross tonnage from 100 to 150 and capable of transporting up to 150 passengers.
The new ferry service is expected to start operation next year.
Another newly registered company is the Center for Agriculture & Rural Development Mutual Benefit Association, Inc. (CARD-MBA).
CARD-MBA is investing ₱14 million for an Islamic-compliant financial services project in Cotabato City, the seat of government of the BARMM government. It is expected to generate 62 jobs.
This venture seeks to expand the availability of micro Takaful (insurance) products, thus strengthening the area’s access to Islamic financial services and supporting the region’s growing Islamic finance ecosystem, Pasigan said.
The approval of the two new investments was announced during the BBOI fifth board meeting held on Tuesday in Cotabato City. Present during the meeting were Pasigan and the members of the Board of Governors — Datu Habib Ambolodto and Manan Baraguir — and ex-officio member Atty. Salem Barrat (of the Ministry of Finance, Budget, and Management representing Minister Ubaida Pacasem) and representatives from the two newly approved investments.
Pasigan said the new business ventures further strengthen the position of the Bangsamoro region as an emerging investment hub in Mindanao and in the country.
These new investments add to the ₱5 billion total investments recorded by the region last October 20, marking a major milestone in BARMM’s ongoing economic advancement for this year.
Pasigan said that investor confidence in the region continues to grow, fueled by a governance framework founded on transparency, stability, and accountability.
In a statement, the BBOI stressed the new investments this year reflect the region’s continued economic momentum and the increasing confidence of the private sector.
These gains are aligned with Bangsamoro interim Chief Minister Abdulraof Macacua’s commitment to moral governance and the “Mas Matatag na Bangsamoro campaign,” key pillars that reinforce BARMM’s economic jihad or struggle toward sustainable growth and self-reliance, the BBOI said.
The BBOI reaffirmed its dedication in promoting investments that support sustainable development, create meaningful livelihood opportunities, and align with the region’s Strategic Investment Priority Plan (SIPP).
Pasigan said they will continue to focus on attracting responsible, high-impact investments that contribute to a stronger and more inclusive Bangsamoro economy. (Bong S. Sarmiento / MindaNews)
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