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Barter trade eyed to start in August

The proposed barter trading in three Mindanao areas is expected to take place next month, officials of the Mindanao Development Authority (MinDa) said yesterday.

Olie B.Dagala, MinDA director Investment Promotion and Public Affairs, said the trading system will create better business and livelihood opportunities to communities in Tawi-Tawi, Basilan and Sulu as these are the only ports of entry identified for the activity.

“With the meeting between MinDa and DTI (Department of Trade and Industry), it is expected to be operational next month,” said Dagala during Wednesdays @ Habi at Kape – Abreeza.

He said they are on the process of accrediting non-conventional vessels that will be used as well as providing permits and identifying the goods. “These are the things we’re looking at, supposed to be things we are keen to once barter trade starts,” he added.

He said: “The DTI will not accredit (traders) as group but as individuals, it’s up for them to group (themselves) if they want to but the accreditation is individual which is at P10,000.”

The revival of the barter trade mechanism in the identified areas was based on the Executive Order No. 64 signed by the President Rodrigo Duterte last November 2018 which considers the practice as a way of providing more livelihood activities and income to small communities residing in the areas.
“It will be communicated closely to Indonesia, Malaysia because we have arrangement for the treaties,” he said.

Assistant Secretary Romeo M. Montenegro, MinDA deputy executive director, said the three countries involved in the barter trading program are also finalizing technical details and arrangements for the joint implementation of the system.

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