BIMP-EAGA COOPERATION. President Ferdinand R. Marcos Jr. (4th from right) and MinDA Chairperson and Philippine Signing Minister for BIMP-EAGA Secretary Maria Belen Acosta (extreme right), together with other BIMP-EAGA Heads of State and Signing Ministers, in a unity pose during the 15th BIMP-EAGA Summit on May 10-11, 2023 in Labuan Bajo, Indonesia. The BIMP-EAGA Summit is a major side event of the bi-annual ASEAN Summit that aims to discuss developments in the BIMP-EAGA sub-region. (Photo courtesy of MinDA)
DAVAO CITY – The Mindanao Development Authority (MinDA) has expressed its support to the call of President Ferdinand Marcos Jr. to advance “nano” businesses as emerging economic drivers in the subregion.
In a statement Monday, MinDA chair and Philippine Signing Minister for Brunei Darussalam–Indonesia–Malaysia–Philippines East ASEAN Growth Area (BIMP-EAGA) Secretary Maria Belen Acosta said the President made the statement during the 15th BIMP-EAGA Summit, a major side event of the 42nd ASEAN Summit held on May 10-11 in Indonesia.
“MinDA, as the Philippine Coordinating Office for BIMP-EAGA supports the President’s call and recognition of the economic contribution of ‘nano’ businesses, particularly in the sub-region,” she said, adding that the same ventures are also emerging in Mindanao.
According to Marcos, “nano” businesses are part of an informal and unrecognized category smaller than the micro businesses "that we see and feel every day but somehow ignore."
He noted that “nano” businesses play an important role across the country, but by classification, such businesses are not likely to meet the micro, small, and medium enterprises, micro-business criteria though they constitute a large portion of all economies and are just as viable.
“Government institutions and private sector groups need to identify them and provide sustainable support they would need to be mainstreamed in our larger economy,” Acosta added.
During the bloc's recent meeting, Marcos called on his fellow BIMP-EAGA leaders to start providing nano businesses ample assistance so that they can “contribute to the overall economic growth and narrow the development gaps.”
The President further highlighted the importance of strengthening cooperation in the BIMP-EAGA sub-region to sustain its thriving economy, the strong partnership between the executive and legislative of ASEAN, the pivotal role of the private sector, and the youth in shaping the future of the ASEAN vision. (PNA)
