DAVAO CITY—The lone Islamic city in the country has improved its peace and order situation after the terror war in 2017, but it still needs help in investment promotion to recover its pre-2017 economy as one of the centers of trade and commerce in the Bangsamoro region.
Prominent Marawi businessman, Elian Macala, also president of Bangon Marawi Chamber of Commerce and Industry (BMCCI), said 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.”
“Their help would sustain and further develop the growth of the only Islamic city in the Bangsamoro Autonmous Region in Muslim Mindanao [Barmm],” he said. He added that a booming Marawi economy would be a major factor in boosting the Barmm economy.
The BMCCI is the recognized affiliate business chamber in Marawi City of the Philippine Chamber of Commerce and Industry Inc. The BMCCI hosted and provided the logistical support for the holding in that city the Investment Forum and Orientation on Corporate Recovery and Tax Incentives for Enterprises Act (CREATE).
The November 25 forum was organized by the Regional Board of Investments (RBOI-Barmm) to promote Marawi City and the province of Lanao del Sur as an ideal investment destination in the Barmm. It was held at the Soti Gas Station commercial square in Marawi City.
Potential investors and strategic partners, including government officials and private sector representatives attended the forum in Marawi City, said lawyer Ishak V. Mastura, chairman of RBOI-Barmm. He said the province’s improved peace and order situation was corroborated by RBOI-registered firms like Mt. Kalatungan Agriventures Inc. and Wao Development Corp., who are engaged in Cavendish banana export and pineapple export, respectively.
Mastura said Republic Act 11534, or the CREATE Act, would help improve the business climate in Marawi City and the other localities in the Barmm, saying this law “is looked upon by many businesses as a life-saver especially with the outbreak of the Covid-19 pandemic.”
“Believed to be a game changer, CREATE aims to improve equity and efficiency of the corporate tax system by lowering the rate, from 30 percent to 20 percent. More importantly this provides for a simplified incentives law for all investments in the country, wherein the tax incentives extended to private sector investments are rationalized and have become uniform across the different Investment Promotion Agencies that includes the RBOI-Barmm,” Mastura added.
Mastura said the Barmm has outlined different activities under the Investment Promotion Plan (IPP) that are registrable in the RBOI-Barmm. The IPP of the Barmm includes the Halal industry and Islamic banking, “wherein fiscal incentives for investment projects in such industries can only be availed of in the Barmm.”
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.
The RBOI said the Southern Philippines Development Authority (SPDA) represented by Almahdi G. Alonto joined the forum to tackle the current economic situation in Mindanao, particularly in Marawi City and Lanao del Sur. The SPDA also disclosed in the forum that it recently launched its Agro-Industrial Development Program in the SPDA area of about 25,000 hectares in Wao and Amai Manabilang in Lanao del Sur.