Mindanao is an ideal destination for investors to establish a business, with its dramatically changing landscape over the past few years even while its resources and human capital are not yet fully maximized.
“If you recall now how much is the minimum wage of Metro Manila compared in Mindanao and Visayas, that’s one driver. It’s very competitive to do business here, the other one is we have a very good resource here,” PIEMO Industries Association president Augustus Adis told reporters on the sidelines of the 1st Philippine Industrial Summit in Mindanao on November 27, 2019.
Adis said compared with Luzon and Visayas, the price for real estate, as well as labor, is lower in the underdeveloped south.
“We have almost 24 million population in Mindanao, our contribution to the national wealth or GDP is only less than 15 percent but the land area is almost the same as Luzon,” he said in Filipino.
He added that from the investors’ point of view, they would go for the underdeveloped “because these are the new frontiers rather than places that are already saturated”.
Recently, the Philippine government has put in place several mechanisms to assist in the full development of the region.
In the Mindanao Peace and Development Plan 2011-2030, the Mindanao Development Authority underlined that alongside its efforts, it would continue to recognize environmental and natural resources as the foundation for the peace and development roadmap to Mindanao’s future. (PNA)