P765.83-M worth of investments poured in Northern Mindanao-A A +A
Saturday, October 5, 2013
A TOTAL of P765.83 million worth of investments was poured in Northern Mindanao in the second quarter of 2013.
Reports from the Department of Trade and Industry (DTI) show that Misamis Occidental posted the highest contribution of P245.61 million sharing 32 percent of the regional total.
Major investments in the province include development of passenger terminal building, hospital buildings, new commercial buildings, additional capital infusion on trucking and hauling services, and establishment of pension house.
The second major contributor was Bukidnon sharing 30 percent at P227.29 million with expansion of cut flower production in Manolo Fortich and additional facility on sugar milling comprising majority of the investments.
Lanao del Norte ranked third with P159.05 million or 21 percent share. These investments constituted expansion of a cement company including installation of bag loading system and screw compressor in Kiwalan, Iligan City; expansion of coffee production in Panoroganan, Iligan City; improvement of hotel, bank, power plant facilities, commercial buildings and eco-tourism park.
Misamis Oriental and Camiguin, on the other hand, recorded P109.52 million and P24.35 million, respectively.
Bulk of the investments in Misamis Oriental include expansion of food-related outlets in various malls, expansion of poultry production specifically in farm inputs, construction of new hotel and development of new establishments while the development of new resorts and establishment of new transportation services comprised majority of the investments in Camiguin.
But on a year-to-year basis, the investments monitored by DTI for the second quarter of 2013 is lower by 92 percent compared to the P9.81 billion generated in the same quarter in 2012.
The drop in investments was notable in Misamis Oriental and Bukidnon which posted negative 98 percent and negative 90 percent growths, respectively, said Engr. Cecilio Clarete, Chief Economic Development Specialist of National Economic Development Authority (NEDA) in the region in a media forum held recently, here.
He said there were extraordinary investments poured in Misamis Oriental last year such as the expansion and procurement of additional equipment for the beverage production plant in Villanueva, development of new real estate lessors, and on-going construction and expansion of tourism and business-related facilities like the Centrio Ayala mall.
The high investments recorded in Bukidnon last year were also brought about by the additional investment of the construction of BMW and 2MW hydropower plants in Valencia City as well as the expansion of banana, pineapple and carrot production area, building improvement and acquisition of machineries related to the production of these products.
However, Clarete disclosed that the DTI is expecting more investments in the region towards the remaining quarters of 2013. (PIA)
Published in the Sun.Star Cagayan de Oro newspaper on October 05, 2013.