Barter trade will spur economy, create jobs in Mindanao, solon says

The representative of the lone district of Iligan City welcomed on Thursday the move of President Rodrigo Duterte to revive barter trade in Mindanao, saying that it will create employment and improve economic relations with nearby countries.

"I welcome President Rodrigo Roa Duterte's Executive Order No. 64 formalizing the barter trade system in Mindanao because it will spur new business, create new jobs, and improve our economic ties with Brunei, Indonesia, and Malaysia," Frederick Siao said in a press statement.

"Resurgence of the barter trade will bring economic and social gains for my Iligan constituents and our neighbors in northern and western Mindanao," Siao added.

Siao urged the Mindanao Barter Council to have the strictest import inspection systems to avoid trading of illegal drugs, explosives, armaments, ammunition and other contraband items.

"Never must the Mindanao Barter Council barter trade system be used by smugglers and terrorists," he said.

"The 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," he added.

On October 29, Duterte inked Executive Order 64 which directs the revival of the barter trade, promotion of its growth and development, and creation of the Mindanao Barter Trade Council (MBC).

“Consistent with the ten-point socio-economic agenda of the administration to promote rural and value chain development, the revival of barter in Mindanao will not only create jobs and business opportunities, but will also strengthen trade and commerce between and among member-states of the BIMP-EAGA [Brunei Darussalam-Indonesia-Malaysia-Philippines – East ASEAN Growth Area],” the order stated.

The MBC shall be attached to the Department of Trade and Industry and establish a main office in Jolo, Sulu, as may be necessary and practicable, according to the order.

Duterte's order noted that products enjoying tariff protections and/or quantitative restrictions such as rice, corn, and sugar, as well as products requiring special import permits and/or subject to standard requirements, shall remain to be regulated. — Anna Felicia Bajo/ LDF, GMA News