Wednesday, July 18, 2007 C. Mindanao investments reach P4.46B in '06
INVESTMENTS in Central Mindanao region reached P4.46 billion in 2006, a slight increase of .9 percent from the P4.42 billion generated the previous year, a top economic official said.
Ma. Lourdes Lim, regional director of the National Economic and Development Authority (Neda), said the investments mostly came from micro, small and medium enterprises.
The region is a producer of tuna products coming from this city, agricultural crops like palay, corn, pineapple and coconut, fruits and asparagus.
It is host to mining ventures, foremost of which is the Tampakan copper and gold project pursued by Sagittarius Mines Inc., which is controlled by major global mining player Xstrata Copper.
In 2006, Lim said Sagittarius invested some P642.4 million, a significant increase of 43 percent from the P448.7 million it invested the previous year.
Sagittarius eyes the world-class copper and gold deposits in the towns of Tampakan in South Cotabato, Columbio in Sultan Kudarat and Kiblawan in Davao del Sur.
Another mining company, Tribal Mining Corp., increased its investments in T'boli, South Cotabato to PP7.6 million last year from P6.1 million in 2005, she added.
The venture in T'boli, which is being backed by Canadian firm Sur American Gold Corp, eyes the development of silver and gold deposits.
Citing a report from the regional Mines and Geosciences Bureau, Lim said the government collected revenues amounting to P11.6 million from mining activities last year.
In 2005, mining industry players in the region paid the government P10.1 million, she added.
Lim, who emailed early this week the Regional Economic Situationer 2006 report, reported that regional export earnings plunged by 9.35 percent last year compared to 2005.
Total export earnings of the region for 2006 reached $390.5 million while 2005 export receipts amounted to P430.76 million
Lim claimed the decline in export performance of the region last year has been affected by the influx of imported products sold at cheaper prices in the local market.
The region's export performance mostly hinges on tuna and pineapple products.
Last year, the value of canned tuna exports stood at $174.3 million, taking a 44.6 percent share of the region's top 10 export products.
Tuna products mainly come from this city, dubbed the "Tuna Capital of the Philippines. Gensan hosts six of the country's eight tuna canneries and more than two dozens processors.
United States was the top export destination for products coming from Central Mindanao at 44.9 percent of the foreign market with a value of $175.4 million.
Following it far behind was European Union at 29.1 percent or market value of $113. 7 million and then Singapore at 9.3 percent valued at $36.4 million.
Japan was fourth at 4.6 percent with a value of $18.1 million.
Other major foreign markets for the region's various products include Taiwan, China, Canada, Korea, Vietnam and Indonesia.
At least 511 million kilos of various products have been shipped to these countries last year. (BSS)
