COTABATO CITY, July 29, 2024 — The Bangko Sentral ng Pilipinas inaugurated on Monday its new facility just a few meters away from the Bangsamoro Government Complex.

The inauguration signals that the BARMM is ready for major investments, according to Chief Minister Ahod Ebrahim of the Bangsamoro Autonomous Region in Muslim Mindanao.

“As we gather here today, we are reminded that our journey towards peace, stability, and prosperity is not without its challenges. However, we are confident that with institutions like the BSP as our partners, we can overcome these hurdles and build a more prosperous future for the Bangsamoro people and its future generations,” he said.

“May this building serve as a testament to improving the lives of everyone and a symbol of your determination to support the potential of the Bangsamoro region based on our vision as an empowered, cohesive, progressive, and prosperous region,” he said, adding, “May this building inspire you to strengthen our partnerships for an economically robust, better, and more inclusive Cotabato City and, at large, the Bangsamoro Autonomous Region.”

Ebrahim said in his remarks that the BSP’s new office will cater to the increased cash flow in the Bangsamoro region.

Last year, BARMM saw a 140% increase in its investments with at least PHP3.1 billion invested in the 3rd quarter of fiscal year 2023 alone. This has generated 1,927 jobs for BARMM residents. In the first quarter of this year, the BARMM has already surpassed its 2023 investment performance, with PHP3.7 billion in new investments.

Bangsamoro Economic Growth

For his part, Cotabato City Mayor Mohammad Ali Matabalao, said the new facility of the government’s financial regulatory bank is a “testament to the hard work and dedication of Cotabateños and Bangsamoro, reflecting our commitment to economic growth and financial stability.”

“The Bangko Sentral ng Pilipinas has played a crucial role in this progress, providing not just the infrastructure but also the trust and confidence needed to propel our region forward,” he highlighted.

“Their commitment to ensuring financial inclusion and economic empowerment for all is a source of great optimism for our city. This building represents hope, opportunity, and a brighter future for all. It will serve as a cornerstone for progress, creating jobs, stimulating local businesses, and uplifting lives across our region,” he emphasized.

Presidential Peace Adviser Carlito G. Galvez, Jr., who was invited to the inauguration, said the “BARMM is undergoing a remarkable transformation.”

“It is a transformation that can be seen and felt in the vibrancy and dynamism of its continuously expanding economy. today, we are witnessing a region that is rapidly evolving into a major trading, commercial, and tourism hub not only in Mindanao but throughout the country,” he said.

“The establishment of this new central bank building is a testament of our confidence in the region, its government, and most of all, its people who now have the power in their hands to chart the socioeconomic and sociopolitical course of their beloved homeland,” he added.

Islamic Banking

In her keynote speech, BSP Deputy Governor Sec. Bernadette Romulo-Puyat reflected on the evolution of BSP Cotabato’s operations over the past four decades. “The BSP has evolved from check-clearing to cash operations, facilitating economic activities, and championing financial education and inclusion.”

Furthermore, she also underscored the commitment of BSP to expanding Islamic banking services, improving the access of citizens to financial products, and boosting economic progress in the region.

“As Cotabato City and BARMM work to improve the quality of life for their residents, the BSP remains your committed partner. Let this new BSP Cotabato building represent our commitment to this lasting partnership,” she said.

The presence of the BSP in Cotabato City was established on January 3, 1983. The BSP Cotabato Branch serves the currency requirements of banks located in Cotabato City and nearby towns of Midsayap, Libungan, Pigcawayan, Upi, Parang, and Datu Odin Sinsuat.

The BSP’s newly constructed two-storey building is equipped with modern amenities to enhance the BSP’s operational capabilities. Furthermore, the BSP also takes pride in the building’s energy and water-efficient systems that align with its Sustainable Central Banking Agenda and endeavors to encourage sustainability in Cotabato and all throughout the BARMM.

The event was graced by several esteemed officials from the BSP such as BSP Monetary Board Members Former Secretary of Finance Benjamin Diokno and Former National Treasurer Rosalia V. De Leon, Acting BSP Area Director Zarinah S. Aligsao, and other officials of the BSP. ###