Philippines Aims to Hold Summit to Revive BIMP-EAGA

KUALA LUMPUR, Sept 25 (Bernama) -- The Philippines plans to hold a Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) summit in the first quarter of next year in order to revive the initiative to accelerate economic growth among member countries. Philippine Economic Zone Authority Director General Charito B. Plaza suggested that a technical working group be established to discuss the mechanics of reviving and updating the BIMP-EAGA agendas. “This group will comprise representatives from the four countries and they have to start talking. We foresee Mindanao, which is the poorest region in the Philippines, benefiting from it as it is closer to Malaysia, Indonesia and Brunei,” she told a press conference in conjunction with the Philippine Investment Forum 2018 held Tuesday. Plaza noted that foreign investors would enjoy incentives such as a tax holiday period and exemption from duties and taxes on imported capital equipment, parts, supplies and materials. Commenting on the plan to revive the BIMP-EAGA, International Trade and Industry Deputy Minister Dr Ong Kia Ming said while the jurisdiction of the initiative was under the Economic Planning Unit, his ministry played an important role. “Speaking of this, we see a great value proposition for the government to push more investments into Mindanao as an effort to increase economic activities and, at the same time, bring about more political stability,” he told reporters on the sidelines of the forum. He said that lower volume of economic activities and opportunities had triggered politically destabilising causes in Mindanao. Ong also noted that the area was viewed as attractive for investors, particularly those from China and the United States, to relocate their businesses, simultaneously improving logistics among Mindanao in east Malaysian state Sabah and both large economic powers. -- BERNAMA