No referendum was observed this year.

No referendum was observed this year.

No referendum was observed this year.

No referendum was observed this year.

In 2005, the Al-Amanah Islamic Bank was the only bank in the ARMM.¹ The Regional Economic Zone Authority (REZA) was established, and the ARMM received large amounts of foreign support and grants for various socio-economic development related projects. Most of the broad reforms called for in the 1996 accord did not materialize.

Following the establishment of the Regional Economic Zone Authority (REZA) in the ARMM region, there were no clear indications or reports that the organization carried out the specific reforms called for in the accord.

In 2003 the ARMM Department of Trade and Industry called for the regional legislature to expedite the passage of the Regional Economic Zone Authority (REZA) bill in order to boost local and foreign investment through tax incentives and revenue holidays.² On 15 August 2003, the regional assembly passed the RIZA law in accordance with the 1996 accord. The RIZA law provides the legal mechanism for the creation, operation, administration, and coordination of the special economic zones within the region.³ This also paved the way for the formulation of policies for various socio-economic development programs including the local tax code, and preferential rights over the exploration, development and utilization of natural resources in the autonomy area.

The Regional Economic and Development Planning Board was not created in 2002. There were no reports of newly established Islamic banks in the region. The ARMM did receive foreign support and grants for various socio-economic development related projects.

The Regional Economic and Development Planning Board was not created in 2001. The ARMM was allowed to keep 80 percent of tax revenue for five years.⁴

The Regional Economic and Development Planning Board was not created in 2000. There were no reports of newly established Islamic banks in the region. As called for in the accord, the ARMM was allowed to keep 80 percent of tax revenue for five years.¹ The ARMM received foreign support and grants for various socio-economic development related projects.