BARMM, MinDA collaborate to boost region’s economy through barter trade

COTABATO CITY, Philippines – The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) and the Mindanao Development Authority (MinDA) launched the Bangsamoro Barter Trade in Tawi-Tawi province on Tuesday, July 18, to invigorate the local and regional economies by reintroducing the barter trading system that has been practiced for centuries.

Officials said they were convinced that reviving the age-old tradition of barter trade in Mindanao will not only stimulate local economies but also foster cross-cultural connections. 

At the same time, they said, the barter trade will showcase the cultural heritage and economic resilience of the predominantly Muslim region.

At the Tawi-Tawi barter trade, a diverse range of products, including fresh produce, spices, indigenous crafts, and livestock, attracts eager buyers and sellers, creating an atmosphere of cultural diversity and social interaction.

Officials said that with the support of regional and national governments, the Tawi-Tawi barter trade is expected to take center stage in economic activities between BARMM and other Mindanao regions, as well as with long-standing trading partners Brunei, Indonesia, and Malaysia.

The Philippines plays a significant role in the Brunei, Indonesia, Malaysia, and Philippines-East Asean Growth Area (BIMP-EAGA) initiative, which was started in 1994 to enhance trade, investments, and tourism through improved intra-region shipping routes, air links, and power interconnection projects. The growth region also focuses on areas such as agribusiness, tourism, the environment, and socio-cultural education.

Rosslaini Alonto-Sinarimbo, the secretary-general of BARMM’s Ministry of Trade, Investments, and Tourism (MTIT), said the official launch of the barter trade would create an inclusive environment, generate more business opportunities, and ultimately foster economic growth in the region, particularly in the provinces of Basilan, Sulu, and Tawi-Tawi.

“We are working on a maiden voyage of sea vessels that will transport goods from BARMM to BIMP-EAGA member economies and the entry of goods from these countries to bankroll the resumption of the barter trading,” Sinarimbo said.

BARMM interim Chief Minister Ahod Balawag “Al Haj Murad” Ebrahim said, “We see the revival of the traditional barter trading system as a tool in improving our economies and generating employment among our constituents in island communities.” 

Officials said the barter trade in the area would be regulated by the Bangsamoro Economic Zone Authority (BEZA), which will establish and enforce implementing rules and regulations. – Rappler.com