ARMM banks to get incentives

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COTABATO CITY: The Regional Board of Investments (RBOI) in the Autonomous Region in Muslim Mindanao will grant incentives to banks and non-bank financing institutions and facilities based or having principal base of business in the region under the expanded ARMM Organic Act (Republic Act 9054). Giving incentives is seen as encouraging conventional banks and other financial institutions to set up their business operations in the region and may address the problem of ARMM being severely underserviced by the financial sector. Lawyer Ishak Mastura, RBOI chairman, said there is a big opportunity for the banking and finance sector to develop new markets in the region. He added this is why RBOI included banking and non-bank institutions in the ARMM List of the 2017-2019 Investment Priorities Plan. The Bangko Sentral ng Pilipinas said only 20 banks are operating in the region and no branches of these banks serve 93 percent of the region’s towns.

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