#MINDANAO
Recent developments point to a steadily growing economy. Institutions such as the Asian Development Bank cite how our country’s economic growth projections remain strong at six percent. This is despite global economic headwinds such as high inflation that hamper growth.
This projection makes it important for us to take stock of developments that boost these growth prospects further and reveal opportunities for many of us in the business sector. Developments worth noting include Proclamation 298, which lifted Proclamation 55 in 2016 which had declared a state of national emergency on account of lawless violence in Mindanao. This lifting made it clear that the conditions that prompted the 2016 declaration have been reduced. Much of these improvements in the peace condition took place during the Duterte administration. The improved peace and order situation is evident when I drive through the highways linking cities such as Davao, General Santos, and Cagayan de Oro. My last drive to Lake Sebu in South Cotabato clearly highlighted the fact that where many of us once feared to pass, there are now restaurants, convenience stores, souvenir outlets, motor vehicle showrooms, and coffee shops where locals and visitors converge. The growth of the local economy is palpable. Moving forward, I foresee a more peaceful Mindanao, with its economy flourishing, its diverse cultures blooming, and more visitors and partners for further growth will come. I see communities thriving. It is Mindanao’s time to shine. The challenge now is accelerating and broadening this economic growth so that more can benefit. This economic development is necessary to sustain the gains of peace. What else must be done to broaden development? Here are some ways: For one, we will need to push large investments in Mindanao’s regions. As I have written in previous columns, concrete steps to push investments include creating investment promotion committees in each regional development council. Its work can include promoting manufacturing and agro-processing investments that can add value to Mindanao’s produce and resources, and bring jobs to locals living in the areas where the goods are produced. This will build the local economy. Many of these manufacturing investments will fall under the green lane designation. The green lanes for investments were instituted under Executive Order 18, Series of 2023. This identifies strategic investments that need to be promoted. These include highly desirable investments, projects identified under the Strategic Investments Priorities Plan (SIPP), and Foreign Direct Investments (FDIs). Moreover, EO 18 puts in place a single point of entry, or a one stop action center for strategic investments under the Board of Investments (BOI) to prioritize the establishment of these projects. It is time that the BOI green lane investment processing programs focus on attracting investments for Mindanao. This EO will take advantage of the tailored incentives that will help concretize investment decisions, and the mechanisms it will build will accelerate the entry of needed investments.
Date in September
The Davao City Chamber of Commerce and Industry announces the 25th Davao Agri Trade Expo, the biggest agribusiness trade show in southern Philippines. This will be held on Sept. 28 to 30 at the SMX convention center in Davao City. Last year's edition drew in thousands of visitors seeking to view new agribusiness products, technology and services to improve farm yields and product quality. This year's edition promises to bring in more.