NEW investments generated in the region for 2016 have decreased by 34 percent, with only P18.6 billion generated by Northern Mindanao in 2016 compared to P28 billion additional investments in 2015, a report of the National Economic Development Authority (Neda) showed.
Engineer Cecilio Clarete, Neda-Northern Mindanao Chief Economic Development Specialist said the decrease is due to the lack of new investments poured particularly in the province of Bukidnon in 2016.
Clarete said in 2015, Bukidnon had the biggest investments especially with the entrance of power plants in the said province.
Among the plants installed in 2015 were the P17-billion hydroelectric power plant projects in Barangay Maluko in Manolo Fortich, Bukidnon which can generate 68.8 megawatts.
"In 2015, Bukidnon was enjoying a lot of investments due to the installation of power plants, which boosted their energy sector. But in 2016, we saw the absence of these investments, so that's why the total new investments in the region dropped by 34 percent, there is really a big difference," Clarete said in an interview.
However, the energy sector at 39.7 percent, as a whole, remains the major contributor of the investments coming in the region, infrastructure and servicing sector follows at 32.8 percent and the servicing sector came third, at 20 percent.
Among the provinces, Misamis Occidental had the highest increase at 81.92 percent, generating P622 million in 2015 to P1.1 billion in 2016, followed by Lanao del Norte with the 65 percent growth rate, from P720 million to P1.2 billion in 2016.
Camiguin generated a total of P54 million in 2015 to P79 million in 2016, garnering 48 percent growth rate, while investments in Misamis Oriental did not quite change, with P14 billion in 2015 to P14.4 in 2016, having a growth rate only of 2.42 percent.
Bukidnon’s investments registered negative growth rate, with P12.7 billion in 2015 to only P1.8 billion in 2016.
Security and Exchange Commission-registered investments in the region reached to P315 million, which is again 43.64 percent lower compared to that of the previous year which reached P559 million of investments.
All the provinces posted decreases in paid-up capital investment in Stock Corporation, while for Partnership, Lanao del Norte posted an increase of 42.86 percent on the number of firms with an investment growth of 237.88 percent.
Capital stock of existing Stock Corporation in the region reached P423.8 billion, however, this is 38 percent lower compared to that of 2015.
Among the provinces in Northern Mindanao, only Misamis Oriental posted an investment growth.