UNDER the newly approved development framework, BIMP-EAGA adopted a total of 265 priority infrastructure projects that will benefit the member-countries, a Mindanao Development Authority (MinDA) official said on Friday.
MinDA secretary Leo Tereso Magno said the 265 projects total to an estimated $174.6 billion in financing that may come from both the public and private sectors.
Magno said in a press conference on Friday following the May 7 Special Summit of the Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) in Cebu.
Magno said the projects across the sub-region consist of completed, ongoing, and for development.
The secretary acknowledged that the number of projects has skyrocketed since the cooperation started in 2015, which only enlisted 57 priority projects.
The BIMP-EAGA Vision 2035 was approved by the member-countries during the sidelines of the 48th ASEAN Summit.
He recognized the development partner, the government of South Korea, which has been assisting farmers in Mindanao and Palawan.
At present, there are 37 ongoing community-based projects also being carried out all over Brunei, Indonesia, Malaysia, and the Philippines sub-region, with funding from South Korea under the BIMP-EAGA Korea Cooperation Fund.
Magno said BIMP-EAGA is eyeing investors interested in opportunities in developing countries, and to maximize public-private partnerships to achieve BIMP-EAGA’s new targets moving on to 2035.
The secretary shared new targets of regional cooperation to raise gross domestic product (GDP) growth within a nominal value of 720 million USD, increase GDP per capita of 7,650 USD and expand trade in goods beyond 1.1 trillion USD among the areas involved.
He also highlighted targets for foreign and domestic inflows to 300 billion USD, boost tourist receipts and expenditures by at least 100% boost tourism levels between the four countries.
“By 2035, we’ve targeted the BIMP-EAGA’s contribution to be at least, hopefully, 12 percent of the total ASEAN economy,” he stressed.
Magno said the BIMP-EAGA Vision 2035 is aligned with four strategic outcomes: climate-smart agro industry and fisheries; seamless travel and sustainable tourism; a network of production hubs that strengthen competitiveness; and an agile and future-ready workforce.
“What will be discussed in detail in the working groups will be the improvement of airports, seaports, and tourism sites all over Palawan and Mindanao,” Magno said, noting tourism contributes to the overall development of subregions.
