BOARD of Investments (BOI) reported that registered investments in Mindanao increased by 420 percent to P94.7 billion from January to April 2019 compared to P18.2 billion in the same period last year.
“This is expected. Most of the committed investments and projects in the early part of the Duterte administration are now past feasibilities, most of those are now implemented thus the reason of the increase,” Mindanao Development Authority (Minda) public relations officer Adrian Tamayo told SunStar Davao Saturday, May 16, 2019.
Bulk of the investments in Mindanao were in Caraga region with P57.87 billion total investments, P31.97 billion in Northern Mindanao, P2.7 billion in Davao region and P2.1 billion in Soccsksargen. These registered investments are expected to generate 7,010 jobs.
“The higher investments in Mindanao in first quarter in 2019 versus same period in 2018 would mean improved infrastructure, more job opportunities, more income, more revenues for government for basic services and ultimately better lives for the people of Mindanao,” Davao City Chamber of Commerce and Industry, Inc. (DCCCII) president Art Milan told SunStar Davao Thursday.
Topping the list of investments are manufacturing companies that range from mining firms to steel processing plants. Four of the top five largest investments in Mindanao are also those in the manufacturing industry.
Topping the list is Silangan Mindanao Mining Co., Inc. that will be investing P57.8 billion in Surigao del Norte for the production of copper cathode, gold dore, and copper concentrate. Republic Cement Ilagan, Inc. will be investing P18 billion for a cement production plant in Lanao del Norte. Other big ticket investments in the top five are the P12.1 billion project of SteelAsia Villanueva Works, Inc. in Misamis Oriental and the P994 million project of Millenium Specialty Coco Products, Inc. in Davao Region.
Rounding up the five biggest investments in Mindanao is the P900 million investment of Phoenix Petroleum Philippines, Inc. for the establishment of a logistics facility in South Cotabato.
Meanwhile, in Davao Region the investments are mostly real estate activities. These are the P416.2 million low-cost housing project of Communities Davao, Inc. in Buhangin; a P295.7 million low-cost housing project also by Communities Davao, Inc. in Tagum City; and P343.8 million low-cost housing project by Johndorf Ventures Corporation in Talomo District, Davao City.
Other investments in the region are the P51.1 million project of Nakashin Davao International, Inc. in Panacan, Davao City for the production of export-quality dried fruits; P586.5 million bulk water supply project of the Tagum Water Company, Inc. in Tagum City, Davao del Norte; and the P27.4 million investment of Agriserna Tech Solutions, Inc. in Buhangin for the operation of agricultural spraying services.
May 16, 2019
- A A +
SunStar website welcomes friendly debate, but comments posted on this site do not necessarily reflect the views of the SunStar management and its affiliates. SunStar reserves the right to delete, reproduce, or modify comments posted here without notice. Posts that are inappropriate will automatically be deleted.
Do not use obscenity. Some words have been banned. Stick to the topic. Do not veer away from the discussion. Be coherent. Do not shout or use CAPITAL LETTERS!