The newly established Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) is receiving expert help from the Department of Finance (DoF) to ensure its long-term fiscal stability.

Finance Secretary Carlos Dominguez III, has tasked Gil Beltran and Bayani Agabin, Undersecretaries at the DoF, to meet with BARMM Minister for Finance, Budget and Management Eduard Guerra to help craft the policy framework under which the region achieve fiscal sustainability.

A technical working group (TWG) will initially run the region’s economic departments comprised of representatives from the Department of Budget and Management, the Bureaus of Customs and Internal Revenue as well as Local Government Finance.

“They agreed that the DoF will give a briefing on the structure (of the Finance and Budget department) so that they can properly set up their own structure. We’ll help them interface with the other departments as well,” Agabin said.

According to him, the DoF will provide the table of its organization along with the functions of its offices to serve as a pattern for the Bangsamoro government.

The TWG also eyes the establishment of an Islamic Bank that will help attract investments and expand financial services in micro, small and medium enterprises in the region.

“The DoF co-chairs with the BARMM minister of budget, finance and management of the Intergovernmental Policy Board, which is designed to address revenue imbalances and fluctuations in the regional financial needs and revenue-raising capacity of the BARMM government,” the agency said.