NEW investments generated in Northern Mindanao raised to P13.1 billion for the fourth quarter of 2018, which is 160.7 percent higher compared to the P5 billion posted on the same quarter in 2017.
According to the National Economic and Development Authority (Neda)-Northern Mindanao, the rise in the region’s investments is solely attributed to the “substantial increase” of investments in Misamis Oriental by 495.4 percent to P10.8 billion.
The said province was also the biggest contributor at 82.6 percent of the total investments of the region in the fourth quarter of 2018. It is also the only province to record growth in investments.
However, the total investments in Northern Mindanao for 2018 has decreased by 11.5 percent to P29.6 billion compared to the P33.4 billion in 2017.
Misamis Oriental still has the highest recorded investments at P21.45 billion. Bukidnon, on the other hand, ranked first in terms of the drop in investment growth at 50.55 percent (from P137 million to P67.89 million).
Bukidnon ranked second with P6.59 billion total investments in 2018. Followed by Misamis Occidental at P877 million and Lanao del Norte at P577.45 million.
Neda-Northern Mindanao Director Mylah Faye Aurora Cariño, however, said that investments in the region are “expected to set pace this year” as billions worth of investments are being poured, particularly in Misamis Oriental ecozones.
Several companies have either started operation or construction within the Phividec Industrial Authority (PIA) complex in Misamis Oriental, or are finalizing their accreditation with PIA as locators.
Some of these companies include: Gardenia Bakeries Philippines, which has commenced operation earlier in March; San Miguel Corporation, which is setting up several projects in the area like its second brewery in Mindanao; steel manufacturing corporation; tennis ball maker; among others.