TAGBILARAN CITY, Philippines – Bohol and Albay signed recently signed a trade and business alliance agreement that approximates a modern version of the historic and fraternal ‘Blood Compact’ in the late 1500s that also took place in this Visayan island between Miguel Lopez de Legazpi of Spain and Bohol native chieftain Datu Sikatuna.
Albay Gov. Joey Salceda said the accord – the Albay-Bohol Economic Partnership Agreement (ABEPA) – aims to liberalize and facilitate trade in goods and services, increase investment opportunities and strengthen protection for investments and investment activities, and establish an expanded framework for further cooperation and improvement of business environment, among others, including peace and security, information and communications technology, education, employment and job generation, between the two provinces.
“ABEPA is an alliance partnership on trade and investment, exchange of competencies and leverage strategic advantages for enhanced and vibrant markets. It is designed to bring end results that should develop not only the two provinces but their respective regions,” Salceda said. Albay is the regional hub of Bicol while Bohol nestles in the Central Vizayas Region.
Salceda said “ABEPA is primarily an economic strategy that can answer challenges and opportunities of a dynamic and rapidly changing global environment brought about by globalization, and can generate beneficial results for parties involved.” It was authored on the Albay side by Provincial Board Member Ralph Andes.
Under the accord, he added. Albay and Bohol will cooperate in the fields of tourism, disaster risk reduction (DRR), climate change adaptation (CCA) and initiatives towards the realization of the Millennium Development Goals (MDG), that will make it truly meaningful.