DAVAO CITY, Philippines (Xinhua) - The development of the Bangsamoro areas in southern Philippines would require a funding of as much as P225.7 billion ($5.02 billion) until 2016 before the region transitions into a new government, a senior government official said today.
Philippine Presidential Adviser on the Peace Process Teresita Deles said the amount will be used to implement various programs and projects aimed at boosting the region's growth.
Deles said the national and local governments will fund the required amount while development partners will be invited to finance P109 billion ($2.42 billion) of the total sum.
The Philippine government is hoping to have the proposed Bangsamoro Basic Law (BBL) passed by the first quarter of 2015. The enactment of the measure will pave the way for the conduct of a plebiscite on the creation of the new Bangsamoro region by next year and elections for its officials in May 2016.
Addressing the ongoing 2014 Philippine Development Forum, Philippine President Benigno Aquino III urged the people of Mindanao to tell their Congressmen to pass the BBL. The Philippine Congress is currently conducting hearings and consultations on the proposed measure.
Aquino also vowed to sustain the reforms his government is implementing in the autonomous region in Muslim Mindanao (ARMM).
He said the roll out of reforms in the ARMM have allowed the region to attract P3.37 billion ($75.06 million) in investment from January to October this year, more than double the P1.46 billion ($35.52 million) recorded in 2013.
Socioeconomic Planning Secretary Arsenio Balisacan said developing the Bangsamoro areas would not only boost the country's economic growth but also improve foreign investors' perception of the Philippines.
Citing studies, Balisacan said securing peace in the Bangsamoro region could add 0.1 to 0.3 percentage point to the country's gross domestic product.