To improve the economic trade of the Bangsamoro island-provinces the Mindanao Development Authority (Minda) plans to establish the barter trade scheme as part of the Tawi-Tawi Special Economic and Freeport Zone program and the Bangsamoro Development Corridor.
“The revival of the barter trade will not only help create jobs and business opportunities for the Bangsamoro in Mindanao, but will also provide better options for them in their pursuit for better life, enhance agro-industrial productivity, and promote trade and commerce between and among the member countries of EAGA,” said Minda Chairman Datu Hj. Abul Khayr Alonto through a press statement released by Minda.
As the project pushes through, Alonto said it will help strengthen security as the facilities of Customs, Immigration, Quarantine, and Security are expected to be upgraded that led to encouragement of productive and unregulated activities in the area.
For the creation of a Barter Trade Facilitation Center, an executive order (EO) was proposed. Currently, the EO is being subject for consultations by the Department of Trade and Industry (DTI). Once approved, it is expected to be the guide in the implementation of barter trade system which will include Mindanao and Palawan.