NEDA chief: Peace in Mindanao to spur economic growth

MANILA, Philippines - The swift resolution of the peace and order situation in Mindanao could unleash the region’s economic potentials and push the country’s economic growth, Socio-Economic Planning Secretary Arsenio Balisacan said yesterday.

“We have no choice but to secure peace. Mindanao has so much promise,” Balisacan said told the Foreign Correspondents Association of the Philippines forum.

“If we can secure peace, we will not forgo the opportunities, the potential that the region can contribute to the economy,” he added.

He stressed the need to pass the Bangsamoro Basic Law,  which he said remains the ”most important target to achieve to facilitate the peace process.”

Balisacan, who is also director-general of the National Economic and Development Authority, said Mindanao has the potential to spur economic growth, citing its actual and potential contributions to the country’s annual economic output.

He said Mindanao accounts for 1.2 percent of the gross domestic product and 12.7 percent of total exports in 2012.

He said Mindanao also contributes 14.4 percent to the national economic output, adding that 37.4 percent of the country’s agriculture, forestry and fisheries are in the region.

Mindanao accounts for 60 percent of the country’s agro-based exports and 50 percent of the country’s major crops, he added.