Mindanao economy to bounce back from Zambo City siege, say business leaders

Business leaders in Mindanao are confident that their economy will bounce back after the bloody confrontation between the government troops and Moro rebels in Zamboanga City is finally resolved, a joint statement from various chambers of commerce in Southern Philippines noted Tuesday.
 
“We will certainly survive from this crisis. This may slow down our growth, but it will definitely not stop Mindanao from growing,” Daniel Lim, president of the Davao City Chamber of Commerce and Industry Inc., said.
 
Industry leaders are now working on ensuring there would be no similar incidents curbing economic growth happening in the future, Lim said.
 
Efren Uy, president of the Cagayan de Oro Chamber of Commerce and Industry, said Mindanao's economy will recover as long as business groups continue to ramp up efforts in attracting investments.
 
“Mindanao’s economy will take a rebound from the crisis with members of the region’s chambers working as one powerful force," Uy said.
 
“As long as members of the chambers and the private sector will seriously commit for the continuous promotion of Mindanao and its investment attractions, we will surmount this crisis,” he added.
 
Rodolfo Menes, regional governor of Philippine Chamber of Commerce and Industry (PCCI) in Northern Mindanao, said the PCCI and local chambers are now focusing on investment promotion initiatives towards a peaceful Mindanao.
 
 “We will collaborate with the Aquino government in ensuring that what we have gained in the past years will not all be lost because of this incident,” he noted.
 
Raymund Salangsang, president of the General Santos City Chamber of Commerce and Industry Inc., offered: "We must be serious about the peace process and secure lasting and sustainable peace in the region for us to move forward and secure our economic gains."
 
Currently, groups' efforts are now focused towards rehabilitating and reconstructing of damaged communities in Zamboanga City.
 
Mindanao Development Authority chairperson Luwalhati Antonino said the group looking at the larger picture in pushing for long-range development in the Zamboanga Peninsula, which just last year posted the highest economic growth rate among 17 regions in the country.
 
Based on earlier reports, the city suffered an estimated economic daily loss of P331.37 million pesos due to the crisis that also resulted to damages that cover total or partial destruction of physical assets existing in the affected area. 
 
In an interview Tuesday, Socioeconomic Planning Secretary Arsenio Balisacan said the Zamboanga siege will have limited impact on the country's economy even if growth in the region takes a hit.
 
He noted a more telling impact of the incident that is almost a month old now is on business confidence in the area. - Siegfrid Alegado/VS, GMA News