Northern Mindanao investments up 44% in 4th quarter

Thursday, March 31, 2011

NORTHERN Mindanao generated a total of P11.91 billion worth of investments during the last quarter of 2010.

Based on the Regional Economic Situationer released by the National Economic and Development Authority (Neda)-Northern Mindanao, the amount is 44 percent more than the P8.29 billion investments generated during the same period in 2009.

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The data showed that except for Bukidnon, all other provinces in the region posted increases compared with the same period in 2009, with Misamis Oriental topping the list with a 350-percent hike, from P1.192 billion in 2009 to P5.37 billion in 2010.

Majority of the investments in Misamis Oriental were on infrastructure and services, which included the construction and expansion of tourism-related facilities like real estate, hotels, pension houses, restaurants and dormitories.

The Neda data showed that 65 percent of the total infrastructure projects in the province reportedly came from the establishment of the Coca-Cola Bottling plant in Villanueva, Misamis Oriental.

Next to Misamis Oriental is Lanao del Norte, which generated a 46 percent increase, from P1.23 billion in the fourth quarter of 2009 to P1.80 billion in 2010. Among the major investments in the province include the expansions of a fast food chain, shopping center, and a chemical and consumer manufacturing company.

The province of Camiguin, on the other hand, generated 14 percent increase in investments, from P219.9 million in 2009 to P252 million in 2010, while Misamis Occidental recorded an almost eight percent increase, from P897 million in 2009 to P965 million in 2010.

At least 63 percent of investments in Misamis Occidental were under the services sector, while in Camiguin, the investments were due to bank releases and projects involving small and medium enterprises (SMEs) and one-town, one-product (Otop).

In Bukidnon, investments declined by almost 26 percent, from P4.745 billion in the fourth quarter of 2009 to P3.52 billion in 2010.

Of Northern Mindanao's investments in the fourth quarter of 2009, 5.24 percent or P158.08 million came from business name registrations, 21 percent or P625.44 million from banks, 2.51 percent or P75.64 million from local government units investment initiatives, 2.49 percent or P75.02 million from SME/Otop/cluster projects, and 69.02 percent or P2.08 billion from other multi-sources investments.