ECONOMIC DEVELOPMENT. Mindanao Development Authority (MinDA) Secretary Leo Tereso Magno (sitting left) and Dinagat Islands Governor Nilo Demerey Jr. (sitting right) sign a memorandum of cooperation (MoC) on Thursday (June 27, 2024) at the MinDA office in Davao City for the establishment of the economic zones in the province. The MoC aims to attract local and foreign investments, generate jobs, and reduce regional poverty. (Photo courtesy of MinDA)
DAVAO CITY – The Mindanao Development Authority (MinDA) and the Dinagat Islands provincial government signed a memorandum of cooperation (MoC) Thursday to establish economic zones (EZs) in the province.
The collaboration, signed by MinDA Secretary Leo Tereso Magno and Governor Nilo Demerey Jr., is designed to attract local and foreign investments, create jobs, and alleviate poverty in the region.
During the signing ceremony, Magno said the partnership will focus on technical assistance, capacity building, and information exchange.
He said the collaboration supports MinDA's Mindanao Agenda 2022-2028, emphasizing sustainable development and economic integration within the ASEAN region.
Magno underscored MinDA’s role in coordinating efforts and promoting investments that are aligned with national development goals.
“This MoC marks a critical milestone in Dinagat Islands' journey towards socio-economic development, leveraging strategic partnerships and integrated planning to uplift the region,” he said.
Meanwhile, during the meeting, Demerey presented the "i2 FAME” - an economic development strategy that targets innovation and industrialization in the fisheries, agroforestry, mining, and ecotourism sectors.
"Our goal is to transform Dinagat Islands into a vibrant hub of economic activity and sustainable development," he said.
He added that the i2FAME will leverage and capitalize on the island province’s competitiveness as it thrives for economic growth.
Under the joint undertaking, MinDA and the Dinagat provincial government will provide technical assistance and establish coordination and linkage through the MinDA-Dinagat Islands Technical Working Group.
The group will oversee the planning, development, and implementation of the Dinagat Islands EZs and conduct capacity-building and policy-related activities for their establishment.
MinDA, on the other hand, will collaborate with the Department of Trade and Industry to conduct trade and investment promotion activities related to the proposed Dinagat Islands’ EZs.
These initiatives align with the Mindanao Agenda 2023-2028, Mindanao Development Corridors, Brunei Darussalam–Indonesia–Malaysia–Philippines East ASEAN Growth Area, and ASEAN economic cooperation. (PNA)
