Informal and unregulated economic activities remain an important feature of Mindanao’s economy. Despite its enduring presence, the informal economy has largely been overlooked in the analysis of Mindanao’s conflict dynamics. As a result, little is understood about the informal economy’s impact on armed violence, development, and governance. This study, which represents the first attempt to incorporate the informal economy into the broader analysis of the region, argues that one cannot comprehend Mindanao’s political and economic challenges, let alone address them, unless these shadow economies are scrutinized further.