In a move that surprised both local and foreign business entities, the Government of the Republic of the Philippines signed a wealth sharing agreement with the Moro Islamic Liberation Front. The two parties were thought to have been on opposite ends.
The breakthrough is seen to be a positive move for the country especially in the finance sector. The government's openness was regarded as a good attribute by investors - increasing confidence in a country already named as Asia's newest tiger economy.
"We have a good package, one that we believe would make fiscal autonomy in the Bangsamoro a reality," said Miriam Coronal-Ferrer, the government's peace panel chair.
The agreement was called the Annex on Revenue Generation and Wealth Sharing. Analysts view this as a key step towards the administration's goal for national peace. The MILF have been fighting the military in the southern island of Mindanao for many decades.
Mindanao is among the archipelago's largest islands, considered to have untapped and rich resources. Investors in the region gain access to mineral deposits worth an estimated US$312 billion.
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