Tuesday, May 08, 2007 CV investments jump to P12B By Malou M. Mozo Sun.Star Staff Reporter
THE amount of investments in Central Visayas jumped to P12.23 billion in the first quarter of this year, according to records of the Board of Investment (BOI)- Cebu extension office.
In a document furnished to Sun.Star Cebu, the total project cost registered by four new business establishments was 100 times more than the P120 million worth of investments in the same period in 2006.
South Western Cement Corp. contributed the bulk of the total investment at P12.14 billion.
The proposed plant, which will be located in Malabuyoc, Cebu, is a fully integrated cement project that will have its own quarry.
Its commercial operation is expected to begin in 2011, with a production capacity of 1.6 million metric tons per year or 39.16 million bags per year.
Registered
The other new projects that registered with the BOI-Cebu are Firm Builders Realty Development Corp. (FBRDC), with an investment of P41.5 million, Platinum Premium Seafood Products Inc. with P38.6 million and Fashion Accessories 4 U Corp. with P10.42 million.
The new businesses that came from sectors, such as fashion jewelry, processed fish products and cement, are located in Cebu except for FBRDC which is into mass housing projects for Oriental Negros.
The firms, which secured the BOI’s approval, will enjoy incentives, such as income tax holidays, tax and customs duty exemptions on capital equipment and spare parts and net operating loss carryover.
Employment
Meanwhile, the data also showed that the employment to be generated by the companies total 670.
The figure represents a 200 percent jump from the 219 jobs created in the first quarter of last year.
Earlier, Department of Trade and Industry Secretary Peter Favila said the entry of big-ticket projects in the country signifies strong investment confidence by local and foreign investors.
“Investors remain bullish of the Philippines. We note that businessmen earlier indicated that the coming May local elections do not worry them as the reforms are already in place,” he said.
Transparency
In order to lure more investments in the country, Favila said the government has already adopted measures to make business transactions with the government easier and transparent.
Recently, the government has cancelled export-related fees and has put up an export fund for use by exporters.
In addition, the government has approved the visa on arrival for foreign businessmen and investors for countries requiring visas.
