Monday, November 08, 2004
City posts P966-M in new investments
By Aurea A. Gerundio
THE City Government of Davao posted P966 million worth of new investments as of October this year, Davao City Investment and Promotion Center (DCIPC) chief Roberto Teo said Thursday.
Teo said the city approved eight big investments as of October that include the New Davao Oil Mill Inc. (NDOMI), Martsons Food Corporation (FMC), Farma Plastic Products Inc. (FPPI), Davao Oil Terminal Services Corporation (DOTSC), LKT Realty Development Corporation (LKTRDC), RT Lapeña Enterprises (RTLE), Primeland Properties Incorporated (PPI) and La Vida Inn (LVI).
The NDOMI, Teo said, will engage in the processing, manufacturing and trading of crude oil and copra caked for export and local sales.
The MFC, which is also an agri-business, reportedly intends to process semi-refined Carageenan--a natural food grade product obtained from seaweeds.
The MFC's entire production, which is anticipated to be 1,200 metric tons a year, will be exported to the US, Denmark, France, United Kingdom, Norway, Spain, Japan, Korea, Australia, New Zealand, Germany and Hong Kong.
The FPP, meanwhile, will be producing Polythylene Terephtalate plastic bottle containers, Poly Perlene plastic caps and Polyethelene plastic bottle containers.
The DOTSC's primary business is reportedly the trading of petroleum and lubricants on wholesale basis as well as operating depot, storage facilities and allied services in this city.
The LKTRDC, RTLE and the PPI are projects involving property development, he said.
The LKTRDC, he said, will be developing a tent-type function hall with a sitting capacity of 600 persons in a floor area of 960 square meters.
This project will provide venue for gatherings, conferences and other receptions.
The RTLE, on the other hand, will develop a one-storey commercial complex with a total floor are of 1,272 square meters that is divided into 42 equal units for lease and 18 square meters per space.
"This will serve as venue for accommodation, food and beverages to people who are away from home," Teo said.
Wellsprings Highlands is said to be a proposed project of the PPI.
This is a low-cost housing project, which provides decent and affordable homes especially for the overseas factory workers.
The LVI, which is a tourism facility, is primarily designed for people visiting their relatives who live, work or study in this city.
Teo said two more investments are to be approved this year.
"I could not divulge information about it yet because we are still on the evaluation process. Hopefully, we will exceed last year's worth of investment amounting to P1.2 billion," Teo said.
(November 8, 2004 issue)
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