Even before that, the MILF had stopped fighting. International lenders such as the World Bank had begun funding roads and development. Investment and central-government funds poured into Mindanao, which offers numerous advantages over the rest of the Philippines: abundant available land, comparatively low electricity rates, a location just outside the normal reach of typhoons and proximity to the large markets of Malaysia and Indonesia. Between 2010 and 2014 investment into Mindanao increased more than sixfold; between 2011 and the current fiscal year Mindanao’s allocation in the national budget more than doubled. Mr Aquino has allocated more in his single six-year term for desperately needed upgrades of infrastructure in Mindanao, such as roads and irrigation, than his predecessors did in the previous 12 years. In the Bangsamoro region, investment this year is likely to be more than five times the amount in 2013. Many people in Bangsamoro have traded guns for ploughshares.

In January, however, 44 policemen died in a botched raid on a rebel group in Maguindanao. Since then, the BBL has failed to make progress in the Philippine Senate, where it will probably continue to languish for the eight months left in Mr Aquino’s term. Supporting it will win few votes and could cost plenty.

Whether the BBL becomes law after that depends on whether Mr Aquino’s successor decides to refile it. Presidential hopefuls have until October 16th to submit their candidacy papers. A front-runner is Grace Poe, a senator, who opposes the BBL in its current form. This does not end hope for a durable settlement; the next president may remain open to negotiation. But the MILF risks splintering as it loses credibility with younger fighters, some of whom seem to be losing patience. And the virtuous cycle of peace spurring investment and development, which leads to a deeper peace, risks turning vicious.