Mindanao’s economy may grow faster than that of Luzon once the government works out the peace and order problem on the island, a Cabinet official said.
“If we succeed in solving this problem, Mindanao will boom. It will grow faster than Luzon,” said Economic Planning Secretary Arsenio Balisacan, noting that the peace and order problem is hampering development in Mindanao.
President Aquino recently signed the Framework Agreement on the Bangsamoro with the Moro Islamic Liberation Front (MILF), moving a step closer to a permanent peace deal.
Data from the National Statistical Coordination Board showed that Mindanao’s economy grew 3.2 percent in 2011 while Luzon (excluding Metro Manila), Metro Manila and Visayas posted economic growth rates of 3.9 percent, 3.5 percent and 5.9 percent, respectively.
Also, Mindanao accounted for 14.1 percent of the country’s total domestic output while Luzon (excluding Metro Manila) contributed 37.5 percent.
Metro Manila accounted for 35.7 percent of the country’s output while Visayas contributed 12.8 percent.
Potential growth sectors in the region include agriculture and tourism, backed by the country’s fertile land and rich culture, Balisacan said. Industries in the area can also be tapped to expand agri-based production.
A Philippine Development Forum in Davao is planned for January to discuss in concrete terms the plan for Mindanao.
“We will make sure this time it will really bring development,” said Balisacan, stressing the need to coordinate efforts of the government and its line agencies.