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Billions of dollars worth of investments at risk if BBL is shelved, says MinBC chair
By KATHRYN MAE P. TUBADEZA, GMA News
(Updated 4:47 p.m.) Foreign investments worth billions of dollars are at risk if the Bangsamoro Basic Law (BBL) is not passed, the head of the Mindanao Business Council (MinBC) said Wednesday.
MinBC chairman Vicente Lao said huge amounts of investments will be lost "in case the BBL will not be approved. He did not specify the amount of money involved.
"Without the Bangsamoro Basic Law... I doubt if investors will take risks, because these are huge investments," he told reporters in an interview Wednesday in Quezon City.
The BBL embodies the peace agreement signed by the Philippine government and the MILF in March 2014.
Foreign investors that have expressed interest in Mindanao are Malaysians and Indonesians who want to put up banana, palm oil, and pineapple farms, Lao said.
"Once that happens, that will create a lot of employment for a lot of people there," he said.
Petrochemical developments
Petrochemical developments
According to the MinBC, many Malaysians have already shown a keen interest in putting up palm oil plantations as well as getting into mining and agriculture, duck raising and poultry raising.
Lao noted the Bangsamoro is ideal for raising ducks because of the huge Liguasan Marsh and Lake Lanao in Lanao del Sur.
The potential for petrochemical development in Mindanao is very high, he said, noting that there are studies that there are billions of barrels of oil under the Liguasan Marsh.
"If in case the Bangsamoro will not be approved, definitely these petrochemical developments will not come in," he said.
He noted that investors are concerned about the peace and order situation.
"The major problem is really security, without the BBL in place, it will be difficult to secure the investments of foreign investors," he said.
Commitments
Commitments
While investors already in the area are not expected to just withdraw their investments, the MinBC is more concerned about those who have already made commitments.
"We are worried that the ones who have committed to come in will not come in unless we resolve the issue of the BBL," Lao said.
Last week, House Deputy Speaker Giorgidi Aggabao told reporters that support for the proposed BBL among the majority coalition in the House of Representatives has been eroded in light of the January 25 Mamasapano incident where 44 Special Action Force (SAF) commandos died in a clash with rebels from the Bangsamoro Islamic Freedom Fighters (BIFF) and Moro Islamic Liberation Front (MILF).
Under the framework agreement, the Bangsamoro territory will cover the present geographical area of the Autonomous Region in Muslim Mindanao (ARMM), the municipalities of Baloi, Munai, Nunungan, Pantar, Tagoloan, and Tangkal in Lanao del Norte.
This include all other barangays in the municipalities of Kabacan, Carmen, Aleosan, Pigkawayan, Pikit and Midsayasap that voted for inclusion in the ARMM during the 2001 plebiscite, as well as the cities of Cotabato and Isabela, and all other contiguous areas where there is a resolution of the local government unit or a petition of at least 10 percent of the registered voters in the area asking for inclusion at least two months before the BBL is ratified. – VS, GMA News
This include all other barangays in the municipalities of Kabacan, Carmen, Aleosan, Pigkawayan, Pikit and Midsayasap that voted for inclusion in the ARMM during the 2001 plebiscite, as well as the cities of Cotabato and Isabela, and all other contiguous areas where there is a resolution of the local government unit or a petition of at least 10 percent of the registered voters in the area asking for inclusion at least two months before the BBL is ratified. – VS, GMA News
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