Mindanao Development Authority Seeks Public, Private Investments to Accelerate BIMP-EAGA Infra and Tourism Projects

The Mindanao Development Authority is seeking stronger public and private sector participation to help fund hundreds of infrastructure and development projects under the newly adopted BIMP-EAGA Vision 2035 framework. This was reported through a post on the Philippine Information Agency website.

Speaking during a press conference following the Special Summit of the Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area in Cebu, MinDA Chairperson Leo Tereso Magno said the subregional bloc currently has 265 priority infrastructure projects valued at approximately $174.6 billion. The projects span Brunei Darussalam, Indonesia, Malaysia, and the Philippines and are expected to draw financing from both government and private sector sources.

“(There are) 265 projects across the sub-region consisting of completed, ongoing and for development. But I would like to state that this is a jump of four times in the value since 2015 and eight times in the number of priority infrastructure projects,” Magno said.

The BIMP-EAGA Special Summit was led by Ferdinand Marcos Jr. on the sidelines of the 48th ASEAN Summit, where leaders approved the BIMP-EAGA Vision 2035 roadmap aimed at strengthening regional economic integration and connectivity.

Magno said the subregion is also implementing 37 community-based projects funded through the BIMP-EAGA Korea Cooperation Fund, with support from South Korea as a development partner. He noted that South Korea has been actively supporting agricultural initiatives benefiting farmers in Mindanao and Palawan.

Beyond infrastructure development, MinDA is also looking to attract investors interested in opportunities within emerging and developing economies across the subregion.

Tourism was identified as another major driver of growth under the new long-term framework, with BIMP-EAGA targeting increased tourism activity and stronger economic contributions to the broader ASEAN region by 2035.

“The plan is to raise gross domestic product growth and expand trade in goods among the areas involved,” Magno said.

“I remember the report, 100-percent boost in tourism levels between the four countries. And by 2035, we’ve targeted the BIMP-EAGA’s contribution to be at least, hopefully, 12 percent of the total ASEAN economy,” he added.

“So yes, part of the discussion was on the tourism aspect.”

The BIMP-EAGA Vision 2035 framework is expected to guide the subregion’s long-term development strategy by improving infrastructure connectivity, enhancing trade and tourism, and encouraging greater collaboration among member economies in Southeast Asia.

via PIA | Industry Daily Observer

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