BANGKOK – The Philippines is seeking to hasten negotiations on the establishment of a barter trade system with Malaysia to spur economic development and generate jobs.
President Duterte made the pitch for bilateral cooperation in barter trade with Malaysia during the summit talks attended by Malaysian Prime Minister Mahathir Mohamad in Bangkok last Sunday.
“I earnestly ask His Excellency the Prime Minister of Malaysia for our two countries to fast-track negotiations on the barter trade system as this promises livelihood and income to small communities along border areas,” Duterte said at the Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area or BIMP-EAGA summit.
The President said the establishment of barter trade would be “an investment for peace and for inclusive, equitable, sustainable development, especially in the newly established Bangsamoro Autonomous Region in Muslim Mindanao.”
“It will help address endemic poverty and avoid triggers of instability and insecurity in these porous areas of the Bangsamoro region,” he added.
In October 2018, the President signed an order reviving the old barter trading system in Mindanao.
Barter is an ancient commercial practice among the people in the southern Philippines that continues to thrive and evolve as a living tradition until the present day, according to Duterte.
Under Executive Order No. 64, Duterte created the Mindanao Barter Council to supervise the trade of goods under the barter system as well as established initial barter ports in Sulu and Tawi-Tawi.
Under the barter system in the South, imported goods valued under P10,000 will be exempted from national and local tax laws. (Genalyn Kabiling)