The Brunei Darussalam Indonesia Malaysia Philippines – East ASEAN Growth Area (BIMP-EAGA) has braced for the implementation of various big ticket projects all worth $23 billion starting next year, a senior official of Mindanao Development Authority (MinDA) reported.
MinDA Director Romeo Montenegro of Investment Promotion, International Relations and Public Affairs told reporters in a press briefing at Habi at Kape in Abreeza Mall in Davao City on Wednesday that the projects will be part of the “BIMP-EAGA Vision 2025” (BEV 2025) that was endorsed by BIMP-EAGA ministers during its 12th ministerial meeting in Palawan on November 29.
Bev 2025 will commence next year, 2017.
Montenegro said big ticket projects for Mindanao that will be funded through BEV 2025 include the Mindanao Railway worth $9 billion; the expansion and development of ports in Davao City and Polloc in Maguindanao; airport developments in Davao City and Zamboanga City; and road projects particularly in the Autonomous Region in Muslim Mindanao (ARMM).
“If we value all of these projects, Mindanao represents a big chunk in that $23 billion worth of infrastructure projects in BIMP-EAGA,” he pointed out.
The $23 billion worth of priority infrastructure projects will elevate BIMP-EAGA near to the other big leagues in ASEAN polygon such as the Central Asia Economic Cooperation, the Greater Mekong Sub-Region, Montenegro added.
BEV 2025, that will carry all of the incoming big ticket projects for Mindanao is envisioned as a vehicle to transform BIMP-EAGA into a resilient, inclusive, sustainable and economically competitive sub-region.
The program will also narrow the development gaps and deliver three main outcomes – to include, competitive and green manufacturing; sustainable, competitive and climate resilient agro-industry and fisheries; and, sustainable tourism destination.
“With the BIMP-EAGA having $23 billion worth of projects, hindi na tayo small-time,” Montenegro said, adding that the sub-region will eventually turn into destination hub of investors.
Most of the big ticket projects that will be funded under BEV 2025 are highways, ports and airports that aim to develop connectivity within Mindanao and the rest of the sub-region.
“The projects will provide direct shipping links, sea and air routes that will enhance movement of cargos across Mindanao, the ASEAN and BIMP-EAGA,” he added.
Some of the projects, especially those listed for Mindanao are already funded, there were those that were already implemented while some are still up for feasibility studies, Montenegro said.
The railway project, he added, is among the named priorities of the Duterte administration.
