'Huge' investment potential rests on Bangsamoro Law success

ABS-CBN News

Posted at Jan 21 2019 11:15 AM

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MANILA -- The Bangsamoro has "huge" potential for investments if a law that grants wider autonomy to the regional government succeeds in bringing peace and order, a business leader said Monday.

Nearly 3 million voters will decide in a plebiscite starting on Monday whether or not to approve the Bangsamoro Organic Law, a key component of a 5-year-old peace deal between the government and the Moro Islamic Liberation Front.

"With this BOL, if it can ensure the peace and order, huge investments will come into the region," said Bangsamoro Federal Business Council vice president Datu Macapanton Jihan Abbas III.

Many Muslims prefer to have their money managed by Sharia-compliant or Islamic banking systems, Abbas told ANC’s Early Edition.

The authority to grant transportation and telecommunication franchises, and the creation of the Bangsamoro EconomIC Development Authority under the BOL will help promote local and foreign investments, said Marawi Chamber of Commerce and Industry president Elian Macala.

"With regard to the economic development, we have to wait first upon the assumption of the Bangsamoro new government," Macala said.