THE extension of military rule over Mindanao to the end of the year is not costing the region any investments so far, Finance Secretary Carlos G. Dominguez III said.
Asked whether martial law extension over the remainder of 2017 will cause investors to pull out, Mr. Dominguez told reporters: “Well it has not resulted in any pull-out of any investment that I know of from Mindanao.”
Since martial law was implemented in southern Philippines on May 23 in response to the occupation of Marawi City, no investments have left Mindanao, according to Mr. Dominguez.
Mr. Dominguez added that investment will not be threatened even if military rule covered the whole country.
“In 1972, the martial law was declared all over the country. And during that period there were large investments in Mindanao. That is when the banana industry was established and flourished. So it didn’t affect it then at that time.”
“I think people are afraid of the abuses of martial law, and so far have you heard of any abuse? The only abuse I have heard of is from the Maute group,” he added, referring to the organization that occupied Marawi City.
Out of the 4,895 projects worth P3.6 trillion lined up under the Three-Year Rolling Infrastructure Plan 2018-2020, the Autonomous Region in Muslim Mindanao will get 955 projects worth P50.71 billion, Northern Mindanao will have 117 projects worth P50.32 billion, Caraga in eastern Mindanao will get 66 projects worth P28.81 billion, while Soccsksargen (consisting of South Cotabato, Cotabato, Sultan Kudarat, Sarangani and General Santos City) will have 28 projects worth P7.8 billion.
Asked whether the extension will send negative signals to the international community, Mr. Dominguez said: “I think we should do what is good for us and not what is good for others.”
“You know I am from Mindanao, I actually haven’t heard from the guys in Mindanao opposing it. I mean they are the ones who are going to be the most affected and I don’t know if any elected official is opposing it,” he added.
Earlier, Socioeconomic Planning Secretary Ernesto M. Pernia said that Mindanao will likely be “business as usual” as the government is just making sure that the unrest is fully played out.
Analysts at BMI Research have also said that martial law is not expected to derail the economy.
The Finance department has said that Marawi City only accounts for some 0.1% of the country’s economic output.
The Tourism department on the other hand said that it will “maintain” its seven-million visitor arrival target this year because the crisis in Mindanao, particularly in Marawi City, where troops are battling militants, “is a temporary situation.”
Latest Tourism data show that tourist arrivals grew 19.6% in May this year to 532,757 compared to 445,449 a year earlier. — Elijah Joseph C. Tubayan
