MANILA, Philippines–The Department of Trade and Industry has committed to help pursue initiatives and projects aimed at boosting the Brunei-Indonesia-Malaysia-Philippines East Asean Growth Area (BIMP-Eaga).
Such commitment is expected to benefit the economy of Mindanao, which is covered by this subregional economic bloc, as the BIMP-Eaga has shown to be enjoying a steady rise in gross domestic product growth, tourism, trade and investment.
To strengthen the BIMP Eaga economic agenda, the DTI and the Mindanao Development Authority are currently pushing for several priority projects such as connectivity enhancement; establishment of the food and agribusiness corridors; joint venture with the private sector; strengthening of socio-cultural and education linkages; and institutionalization of BIMP Facilitation Center.
Currently, the Philippines has been enhancing its transport connectivity systems in BIMP-Eaga by strengthening several transport facilities, including the Davao-GenSan-Bitung Shipping Service; Brooke’s Point Palawan-Kudat RORO service, and Davao-Manado air Linkage.
The country is also boosting Internet connectivity in Mindanao through the BIMP-Eaga Submarine Terrestrial Cable Project to bring out the advantages in Mindanao’s outsourcing businesses.
“The Mindanao Development Authority (MinDA), the National Secretariat and the DTI will continue to provide policy, administrative and facilitation support, and mobilize resources for second generation priority infrastructure projects (PIPs),” said Trade Undersecretary Prudencio M. Reyes Jr.
Reyes said BIMP-Eaga’s combined GDP rose to $567 billion in 2013 from $424 billion in 2009.
“The combined merchandise trade of BIMP-Eaga is also on an upward trend. Domestic tourism remains the backbone of the tourism industry with domestic tourists representing 70 percent of total arrivals. Domestic investment grew more than five-fold between 2009 and 201, from $1.14 billion to $6.04 billion. For foreign investment, it grew steadily from $4 billion in 2009 to $10.2 billion in 2013,” he said.