Two congressmen hailed President Rodrigo Duterte for formalizing barter trade in Mindanao with the creation of the Mindanao Barter Council through executive order 64.
Iligan City Representative Frederick Siao said, the “resurgence of the barter trade will bring economic and social gains for my Iligan constituents and our neighbors in northern and western Mindanao.
“Coupled with the institutional strengths of Islamic finance, Mindanao barter can flourish well and more so when Islamic banks of Indonesia, Malaysia, Brunei, and even from the Middle East set up shop in our country soon after the Islamic banking measure becomes law,” Chair of the House Committee on Banks and Financial Intermediaries Rep. Henry Ong (Leyte 2nd District) said.
Ong also said, “Arab investors and bankers will have more reasons to participate in the growth of our economy.”
Siao, Member of the House Committee on Economic Affairs, advised the MBC to “explicitly ban any trade in illegal drugs, explosives, armaments, ammunition, and any other contraband goods.”
“There must be strictest import inspection systems and procedures. Never must the Mindanao Barter Council barter trade system be used by smugglers and terrorists,” Siao added.
Siao also said, “valuation of rice traded via barter must incorporate the valuation of the rice tariffs of the national government. Mindanao barter rules must not be used to circumvent the national law of rice tariffs.”(House of Representatives)
