The war-torn region in Mindanao needs billions of dollars in investments before it can rise from the ashes of its religious and political struggle. But relief is on its way, as businesses here and abroad have committed to pour in as much as $340 million to help develop and improve the living and economic condition in the country’s southern tip.
World Bank Country Director for the Philippines Motoo Konishi, however, did not provide an exact figure as to how much the needed investments are.
But, he said, the billions of dollars required by the Autonomous Region in Muslim Mindanao (ARMM) is spread over a period of a decade and a half.
But, as early as now, the private sector has committed about $340 million in agriculture investments alone, translating to over 22,000 direct employment in the sectors of banana, pineapple, coffee and cacao.
He noted that companies that are willing to invest in the region may tap a $250-million fund from the government to finance their business initiatives.
“It is a 20- to 25-year money with low interest rate. We are discussing with the Department of Finance and Land Bank [of the Philippines] in putting this project together,” he said. “This would entice businesses to come and invest in Bangsamoro.”
Unifrutti Group Philippines Chairman John P. Perrine added that there are other investment opportunities in Mindanao.
“World Bank has a team working in roads, electricity and communications that has sat down and they’ve gone ahead of the geotagging and the engineering of the roads along with bringing in power and communications,” he said. “It’s really a comprehensive development. Building the roads, bridges, communications and power that you need while also having job-generating investments are going on the same time.” The World Bank has an initial $85-million
fund for the development of Mindanao, $15 million of which specifically allocated for Bangsamoro.
Perrine said people “are ready to invest today without waiting any longer” for the passage of the Bangsamoro basic law, which aims to create the new Bangsamoro juridical entity replacing the ARMM.