The Bangsamoro Basic Law (BBL) has more than sufficient
socioeconomic and development provisions that will open up opportunities and
accommodate livelihood projects and jobs for its citizens, according to the
Mindanao Business Council (MinBC).
“Aside from revamping the political setup of the current
ARMM (Autonomous Region in Muslim Mindanao), the BBL also strengthens the
wealth-sharing and revenue-generation of the autonomous region that can
translate into improved public goods such as farm-to-market roads, agricultural
facilities, and ports,” said MinBC Executive Director Rolando A. Torres.
Torres added that “such improvements will most likely
encourage local and foreign investments that will translate to economic
opportunities for our Bangsamoro brothers and sisters.”
Under the Basic Law of the Bangsamoro Autonomous Region
(BLBAR), the BBL version currently being deliberated in plenary of the House of
Representatives, the Bangsamoro government has the power to provide tax
incentives to “encourage investments and other economic activities.”
The tax incentives, according to the bill, may be in the
form of exemptions from regional taxes, rebates, and tax holidays among others
in addition to national tax incentives. It also speculates that as part of the
incentives to investors, the regional government may opt to impose flat-rate
lump sum taxes to small and medium enterprises.
Torres acknowledged the efforts exerted by the key players
in the peace process such as the Government of the Philippines
“It is admirable that the negotiators, those who initially
drafted the BBL, and the lawmakers are putting into motion a vision that will
not only rehabilitate the ARMM but also put it into contention to become one of
the premier regions in the country,” added Torres.
The Bangsamoro bill also improves on the current
wealth-sharing arrangement between the national government and the regional
government. For instance, 75% of the national taxes, fees and charges collected
by the Central Government within the Bangsamoro will be shared by the region
and its constituent local government units. The ARMM currently gets a 70%
share.
Aside from taxes and revenue generation already devolved to
the ARMM through Republic Act No. 9054 and other legislations and issuances,
the Bangsamoro will also have the power to levy capital gains tax, documentary
stamp tax, donor's tax, and estate tax where all taxable elements are within
the Bangsamoro.
The MinBC executive director also called on the lawmakers to
pass the BBL in order for progress and development to begin. “The BBL is the
key into unlocking the economic potentials of the Bangsamoro region. We call on
our lawmakers to pass it as soon as possible so that peace and progress will
already be experienced in places long torn by armed conflict.”
http://www.pna.gov.ph/index.php?idn=1&sid=&nid=1&rid=781351
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