Reviving barter trade can help stabilize fuel prices woes – BARMM exec

6/14/2022 10:27:00 AM

Reviving barter trade can help stabilize fuel prices woes – BARMM exec

Reviving barter trade can help stabilize fuel prices woes – BARMM exec

BONGAO, Tawi-Tawi (MindaNews / 14 June) – An official of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) has one suggestion to solve the skyrocketing prices of petroleum products in the…

BONGAO, Tawi-Tawi (MindaNews / 14 June) – An official of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) has one suggestion to solve the skyrocketing prices of petroleum products in the region – restore the barter trade.Prices of fuel here and in Sulu, both diesel and gasoline, remain in the P60-to-P65 per liter range as against P85 or more in mainland Mindanao and elsewhere in the country as an offshoot of hostilities in Europe.

 He recalled that before the colonizers set in, barter trading was very much alive between the island provinces of Sulu and Tawi-Tawi and that of Malaysia, Indonesia and other ASEAN neighbors. “Our outlook is the regional integration of our economy, what used to be the backdoor of the South now has new meaning, that is, economic development,” he said.

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By - June 14, 2022 2:23 pm BONGAO, Tawi-Tawi (MindaNews / 14 June) – An official of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) has one suggestion to solve the skyrocketing prices of petroleum products in the region – restore the barter trade.By - June 13, 2022 10:01 am BONGAO, Tawi-Tawi (MindaNews / 13 June) – Amid another looming fuel price hike nationwide, motorists here are not panicking with local gasoline and oil prices way cheaper than in other parts of the country.Myrna M.“If rice prices go up in the global market, local rice prices will follow.

Gasoline, sourced from nearby Sandakan in Malaysia, is sold at P60 per liter in Bongao, Tawi-Tawi. MindaNews photo by BONG S. A new round of fuel price hike looms this week. SARMIENTO Lawyer Naguib Sinarimbo, Minister of the Interior and Local Government, said the restoration of barter trading in BARMM with countries in the Association of Southeast Asian Nations (ASEAN) will help stabilize prices of petroleum products before it goes out of reach for the ordinary Bangsamoro. In parallel, the price of kerosene which is a critical base fuel for the aviation sector and other industries, will escalate by P4. Prices of fuel here and in Sulu, both diesel and gasoline, remain in the P60-to-P65 per liter range as against P85 or more in mainland Mindanao and elsewhere in the country as an offshoot of hostilities in Europe. SARMIENTO Diesel and gasoline are openly sold in bottles at roadside retail stores here for only P60 per liter. Supplies coming from Malaysia, which is closer, are way cheaper as against fuel imported from Singapore and China. Dar said that the department currently has P3 billion in fertilizer subsidies for rice and corn farmers, but that it requires more than this to accommodate the needs of farmers during the wet planting season.

Sinarimbo, who was in Tawi-Tawi over the weekend to facilitate groundbreaking of major BARMM infrastructure projects in Tawi-Tawi and Sulu, said now is the time to relive and revive the famous traditional barter trading via maritime Southeast Asia. Tricycle drivers here told MindaNews Monday they have not been affected by the series of price increases imposed by oil companies across the country since local supplies are sourced from nearby Sandakan, Malaysia. As of press time, the oil companies that already sent notices on their price increases effective Tuesday, June 14, had been Pilipinas Shell Petroleum Corporation, Cleanfuel, Seaoil, Chevron and PTT Philippines.   “So if we can exchange goods that are available to us, not necessarily by physical exchange of goods but facilitating the quota for fuel coming from the region and quota for some goods we offer to Malaysia, Indonesia, we can bring down the prices of other commodities that are essential for us,” he pointed out.   He recalled that before the colonizers set in, barter trading was very much alive between the island provinces of Sulu and Tawi-Tawi and that of Malaysia, Indonesia and other ASEAN neighbors. He said the last time that local fuel prices spiked was during the election period, when prices hovered above P100 per liter, but went down a few days after the election.   Sinarimbo said the Sultanate of Sulu and the Sultanate of Maguindanao had barter trading partners with businessmen in Borneo up to China where the maritime economy exists.15 per liter; P37.   The seas of the Philippines, Malaysia, Indonesia, Vietnam, Cambodia and even up to China, he said, served as the trading national highway of ASEAN countries. Sarmiento / MindaNews). “So that we can still buy the same prices now that are very affordable.

  “Our outlook is the regional integration of our economy, what used to be the backdoor of the South now has new meaning, that is, economic development,” he said.   Sinarimbo and other BARMM officials were in Tawi-Tawi as the first passengers of the Philippine Airlines’ Cotabato-to-Tawi-Tawi flight, the flag carrier’s first direct flight within the region, which was seen as economic and tourism booster. As of Monday, June 13, trading of international benchmark Brent crude softened by roughly $2.   “We are glad we now have the direct PAL flights from mainland Mindanao, where the BARMM government center is located, to Tawi-Tawi,” he said, adding that it is now the beginning of the reemergence of the economic corridor, as well as political and even governance collaboration, between Mindanao/BARMM and the East Asian Growth Area.   Economic development, Sinarimbo said, is already in the horizon as BARMM pushes for more infrastructure projects in the southern part of the region. (Ferdinandh B. For the Asian market, in particular, market experts had cited Russia’s pronouncement that it no longer has “extra volume” to sell to India, one of the biggest markets for oil in the world – and that situation is seen weighing down on the overall supply-demand fundamental of oil markets. “I like the aspiration of our President-elect and we are looking at every possibility we have to work this out with various stakeholders.

Cabrera / MindaNews) .