DAVAO CITY – Southern Philippines Development Authority (SPDA) Administrator Abdulghani “Gerry” A. Salapuddin has disclosed today that the Authority has recently signed an agreement with Al-Amanah Islamic Investment Bank of the Philippines (AIIBP) paving the way towards a renewed vigor in the implementation of the various socio-economic development projects in Mindanao.
The business partnership of these two government entities solidifies the acceleration of the significant and all-inclusive government developmental interventions in Mindanao which coincided with their respective mandates, Salapuddin said.
Salapuddin added that in consonance with the National Development Framework of all-inclusivity in development, SPDA shall undertake and implement socio-economic development endeavours in Mindanao utilizing and accessing funding that will be made available by the Al-Amanah Islamic Investment Bank of the Philippines.
For its part, Al-Amanah Bank shall assist the SPDA in sourcing out of funds for the implementation of the projects pursuant to the objectives being set by the government or any applicable instrumentalities or other Shariah compliant financial facilities.
Southern Philippines Development Authority (SPDA) is a government-owned and controlled corporation created under Presidential Decree No. 690, as amended by P.D. 1703, while Al-Amanah Islamic Investment Bank of the Philippines (AIIBP), is a government financial institution created under Republic Act No. 6848.
Just recently, the Office of the President through Executive Secretary Salvador C. Medialdea had revoked the planned abolition of the SPDA thereby reinstating the Authority’s full powers as a corporate entity mandated to implement various socio-economic development programs in Mindanao.
In a memorandum dated September 14, 2018, Malacanang revoked the Governance Commission for the Government-owned and controlled corporations (GCG) memorandum dated November 26, 2013 relative to the proposed abolition of the SPDA and its subsidiary the Marawi Resort Hotel, Inc. (MRHI) in Marawi City.