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Saturday, September 25, 2004
SEC-Davao: Foreign investments up 586%
FOREIGN direct investments in areas under the Davao office of the Securities and Exchange Commission (SEC) have reached P924.9 million as of August this year.
The investments are up by 586 percent compared to the P157.8 million generated for all of last year Lawyer Godofredo Duremdes, officer-in-charge of the Securities and Exchange Commission (SEC) Davao extension office, said. This year's figure has been the biggest so far.
He said two of the investments are from Chinese businessmen, one in agriculture and the other in transportation, storage and communication.
Duremdes said the Chinese investors applied for an increase in their authorized paid-up capital. He said their businesses are located in Davao City and both have tie-ups with AMS Farming Corporation.
On the other hand, Duremdes said total paid-up capital from January to August this year reached P217.1 million, compared to only P208.4 million last year.
He said agriculture remains the leading investment in terms of amount with P573.7 million or 62.03 percent of total investments this year.
This is followed by the services sector with P339.1 million or 36.67 percent and the industry sector with P12.054 million or 1.3 percent.
He said as far as the number of enrolled investments, wholesale and trading were highest.
Duremdes meanwhile said SEC intensified its monitoring of collections to generate more revenues even before the President's admission of a looming fiscal crisis.
As of July 2004, he said current collections of P1.4 million have already exceeded that of last year, which totaled P1.088 million.
He said most of these collections were due to the non-submission or late submission of general info sheets and audited financial reports.
As far as revenues are concerned, Duremdes said as August this year, SEC collected P10.7 million, compared to last year's collection of only P9.7 million.
He said both 2003 and 2004 had P10 million as the revenue target.
(September 25, 2004 issue)
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