MANILA: Foreign and local business groups are keenly anticipating the formation of the autonomous Bangsamoro region in Mindanao that is expected to lead to stability and make the region conducive to investments.
Members of the Joint Foreign Chambers and Philippine business groups met with leaders of the House of Representatives on Thursday and discussed at length various pending socio-economic legislation.
John Forbes, senior adviser at the American Chamber of Commerce, said the passage of the Bangsamoro Basic Law now being drafted would send a signal that Mindanao is a secure area for business. “We’re talking about an area that has been deprived for what, 40 years? There are companies there now that are ready to expand if the Bangsamoro peace agreement succeeds,” Forbes said.
He said the large labour force in the region makes it ideal for light manufacturing industries and agriculture.
Forbes also cited the potential for oil and gas in Mindanao.
The Bangsamoro Transition Commission is aiming to submit the draft law anytime between March and May. Senate and House leaders said they aim to pass the proposed law within the year so it could be subjected to a plebiscite in certain areas in Mindanao in 2015.
Calixto Chikiamco, president of the Foundation for Economic Freedom, said the draft law to be submitted by the Bangsamoro Transition Commission should be swiftly passed in order to complete the comprehensive peace agreement and pave the way for peace and prosperity in the region.
Congressmen also supported the early passage of the Bangsamoro Law.
Western Samar Rep Mel Senen Sarmiento and Jerry Treñas of Iloilo City vowed to support the early passage of the proposed Bangsamoro Law.
Sarmiento said he expects the swift approval of the bill that would govern the envisioned Bangsamoro region “because no less than President Aquino has given his personal guarantee that this would be endorsed to Congress as an urgent measure.”
The Philippine star
