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Article

14 Jul 2013

Author:
Joel Guinto & Clarissa Batino, Bloomberg

Philippines, Muslim Rebels Forge Wealth-Sharing in Peace Accord

…[T]he [Philippine] government and the Moro Islamic Liberation Front (MILF)…[arrived at a] pact [that] provides “sufficient guidance” to draft wealth-sharing and revenue-generation provisions of a law expanding Muslim autonomy in a region to be known as Bangsamoro…Ending one of Southeast Asia’s most entrenched conflicts could help bring investors to Mindanao and unlock mineral deposits worth an estimated $312 billion...The Philippines targets $1 billion of investment in Mindanao following a peace agreement...A unit of First Pacific Co. is looking at possible sites for a palm oil plantation on the island…“This Annex on Revenue Generation and Wealth-sharing seeks to fulfill the aspirations for meaningful autonomy for Muslim Mindanao that was envisioned in the Constitution,”…[the government panel chairperson] said...The signed annex stated that “wealth creation…is important…considering that the Bangsamoro territory is among the most underdeveloped in the Philippines due to the decades-old conflict…