Philippines to Put Forward BIMP-EAGA Economic Agenda
The Department of Trade and Industry is committed to deepen ties with other ASEAN nations in pursuit of achieving BIMP-EAGA deliverables.
To strengthen the BIMP EAGA Economic Agenda, DTI together with Mindanao Development Authority pushes for BIMP-EAGA priority projects like 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 Centre.
According to Trade and Industry Undersecretary Prudencio M. Reyes Jr., the Philippine Senior Official, BIMP-EAGA’s combined GDP increased significantly from US$424 billion in 2009 to US$567 billion in 2013. 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% of total arrivals. Domestic investment grew more than five-fold between 2009 and 2011 – from US$1.14 billion to US$6.04 billion. For foreign investment, it grew steadily from US$4 billion in 2009 to US$10.2 billion in 2013.
“It only shows that the GDP, trade, tourism and investment indicators show a steadily growing subregional economy.” said Undersecretary Reyes.
Currently, the Philippines has been enhancing its transport connectivity systems in BIMP-EAGA through strengthening the following transport facilities: Davao-GenSan-Bitung Shipping Service, Brooke’s Point Palawan-Kudat RORO service, and Davao-Manado air Linkage. It is also venturing into internet connectivity, one of which is the BIMP-EAGA Submarine Terrestrial Cable Project to bring out advantages in Mindanao’s outsourcing businesses.
“Mindanao Development Authority (MinDA), the P- EAGA National Secretariat, together with DTI, will continue to provide policy, administrative and facilitation support; and mobilize resources for second generation Priority Infrastructure Projects (PIPs) to deliver to our fellow Filipinos.” Usec Reyes concluded. (END)