Labuan’s long-abandoned barter trade en route to revival
LABUAN,. The long-abandoned barter trade activity in Labuan will be resuming soon, with the first ‘Kumpit’ (long-wooden boats) from the Southern Philippines expected to arrive at the end of this month.
The island’s economy has been feeling the pinch since barter trade between Labuan and Southern Philippines was halted in 2016 after more than four decades in operation.
Labuan Chamber of Commerce (LCC) chairman Daniel Doughty said the application to call at the Labuan Port has been submitted to relevant government agencies for port clearance.
“If the clearance from the agencies is obtained this week, this transhipment operator will depart from Southern Philippines to Labuan next week, weather permitting,” he said to Bernama on Thursday.
He said the chamber had also assisted the transhipment industry players with regard to the policy which requires wooden non-convention vessels (NCVs) calling at the Labuan Port to be equipped with protection and indemnity (P&I) insurance.
“The Marine Department in Labuan requires wooden NCVs calling at the Labuan Port to have P&I insurance, so we discussed this with an insurance company, PNI Malaysia on insuring the wooden NCVs from the Southern Philippines arriving in Labuan.
“We would like to thank Labuan Corporation chief executive officer Rithuan Ismail for being proactive in facilitating the transhipment industry player, thus ensuring that Labuan will remain competitive,” said Doughty.
He said the LCC would continue to assist local business associations towards resolving policy-related matters that are impacting their business and industry, while advocating the right policy that focuses on economic growth and sustainability for Labuan.