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Thursday, January 29, 2004
Region's investments exceed target
CAPITAL infusion in the region for 2003 surpassed the Department of Trade and Industry (DTI) 11 target by 45 percent, the agency reported on Wednesday.
A total of P5.589 billion in investments were infused last year, reflecting a 145 percent accomplishment. Investment target last year was only P3.8 billion.
Infusion in other non-DTI priority sectors, such as real property and housing sectors, managed to surpass the target more than two times, amounting P4.1 billion.
DTI 11 Planning Officer Romy Castaņaga said majority of the investments in the priority sectors of the DTI were poured in the coconut sector, amounting P412.43 million.
Of the figure, Davao Oriental absorbed P271.8 million, while Davao City was home to new firms with aggregate investment of P74.7 million.
Indicating its strength as a sector, new investments in the mango industry amounted P278.5 million, also surpassing the target of P278 million.
A high P214 million was invested in the allied services sector. This is, however, only a third of the 2003 target pegged at P640 million.
Also included in the priority sectors of the DTI, the wood industry was host to fresh capital cumulatively worth P142.9 million, more than half of which was injected in Davao del Norte.
Fresh investments in the banana sector, meanwhile, totaled P120.3 million, with most of the infusion also occurring in Davao del Norte, the banana capital of Davao.
Also failing to meet its investment target last year was the fruits sector. Only P114.9 million of the P165 million target was reached last year. Included among the new industries in focus, the fish sector soaked up some P108.2 million in fresh capital.
Davao's move to become the information and communication technology (ICT) hub in Mindanao is taking shape as shown on the P39.6 million worth of investments absorbed by the city in 2003. CEU
(January 29, 2004 issue)
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