More local and foreign investors are expected to set their sights on Mindanao with the full implementation of a peace deal between the government and the Moro Islamic Liberation Front (MILF).
“If we achieve a stable Mindanao, we can easily attract 25 percent more companies to establish their business in the area in the next five years,” said Benjamin Kalalo Jr., Philippine Exporters Confederation, Inc. (PHILEXPORT) trustee for the Housewares sector and four PHILEXPORT Chapters in Mindanao.
Kalalo said investments in mining, agro marine, transport, airline and shipping and construction are expected to pour into various regions of Mindanao.
He noted that the island also presents huge business opportunities, including food particularly processed food, construction of residential and commercial buildings and malls, transportation and energy.
“There are several areas in Mindanao without electricity… so (providing) power is a very good business to go into,” he said.
Kalalo stressed that foreign investors can establish Philippine subsidiaries especially on downstream industries.
These investments can generate economic activity, employment and higher incomes, he said.
Kalalo believes that Mindanao can contribute more than 50 percent to the country’s gross domestic product (GDP) should development plans for the area are pursued, processing plants are in place and the peace agreement is fully implemented.
The island’s economic growth can also double on the back of these developments, he said.
“It’s (projected contribution) huge because in mining alone, large income and (more) economic activities can be gained,” he said, adding that “with these, hopefully, Mindanao will be a rising star here in the Philippines.”
Reposted — Danielle Venz, PHILEXPORT News and Features