Unlocking Mindanao’s economic potential

I truly believe that Mindanao can sustain this high growth and contribute more for the country’s development. And I think this is among our marching orders: to unleash and realize the potentials of the Land of Promise.

Some of Samal Island’s scenic points not too far from Davao City whose economic growth, at 9.3 percent, proved the fastest in the region, based on latest data.

The island of Mindanao, and particularly the city of Davao, is seen to contribute more to overall growth this year as its vast economic potential is unlocked, a senior executive from the Department of Finance (DoF) said.

“The Philippine economy was about P1.74 trillion in 2018, of which 15.2 percent was contributed by Mindanao,” Finance Undersecretary Gil Beltran noted during a recent business forum in Davao City.

According to him, Davao City, President Duterte’s provenance, will be at the forefront of the Mindanao economic story, playing a lead role in key sectors as infrastructure development, agri-business and tourism.

“I truly believe that Mindanao can sustain this high growth and contribute more for the country’s development. And I think this is among our marching orders: to unleash and realize the potentials of the Land of Promise,” he quickly added.

Beltran said Mindanao’s growth rate averaged 6.7 percent the past five years or higher than the country’s economic expansion of only 6.4 percent.

Also, among the Mindanao regions, Davao posted the fastest growth averaging 9.3 percent.

Beltran, who is also chief economist at the DOF, said Mindanao can benefit from a barrage of economic reforms adopted during the first half of President Duterte’s term.

Such reforms as the Bangsamoro Organic Law will allow the rest of Mindanao to fly and soar like Davao’s icnonic eagle.

“These reforms will help unlock the proverbial cage, releasing the eagle to fly high and free like the Davao eagle is doing now. Mindanao is an eagle trying to soar and we hope that in the next flight of the Davao eagle, you will bring the Mindanao eagle with you. Let us all work together to make this a reality,” Beltran said.

“The Duterte administration is not resting on its laurels. The government will continue to adopt reforms, implement program to boost economic growth,” he added.