INVESTMENTS generated in Northern Mindanao decreased in the first quarter of 2010 compared with the same period last year.
Based on the 1st Quarter Regional Economic Situationer released by the National Economic and Development Authority (Neda) Region X, the region only generated a total of P958.62 million investments in the first quarter of this year, which is six percent lower compared with last year's P1.021 billion.
Based on the situationer, the region's performance was pulled down by the province of Bukidnon, which recorded a substantial 69 percent decrease of investments with P511.18 million in the first quarter of 2009 to only P156.14 million this year.
However, the report said the decrease is expected since half of the investments in the province during the first quarter of 2009 were attributed to the construction of Gaisano Mall in Malaybalay City, which is now nearing completion.
Among all the provinces in the region, only Bukidnon registered a considerable decrease while Camiguin, Lanao del Norte, Misamis Occidental and Misamis Oriental recorded slight increases in investments.
The bulk of investments in the region was poured in Lanao del Norte, sharing 37 percent of the regional total or P356.11 million, compared with last year's P250.41 million with major investments under infrastructure and services, service and trading sectors particularly the various rehabilitation and expansion projects of a leading cement company, which comprised 31 percent of the province's total investments.
In Misamis Oriental, investments generated in the first quarter this year totaled P234.59 million, 43 percent of which was taken from Business Name Registration while 53 percent was attributed to the establishment of a facility that undertakes inspection of container vans at the Phividec Industrial Estate in the towns of Tagoloan and Villanueva. Last year, the province only generated P113.63 million worth of investments.
In Misamis Occidental, a slight increase of investments was recorded this year, with P151.12 million compared with last year's P117.56 million which were more on general merchandising services, real estate, fueling station, poultry and distribution centers while Camiguin recorded 6.33 percent increase, or P60.66 million this year compared with last year's P28.67 million mostly from small and medium enterprises/cluster/one-town, one-product projects, banks and business name registrations which were classified under service, trading and agri-based sectors that included tourism-related investments, real estate services and distribution centers.
Overall, the region's investments are mainly classified under infrastructure and services, servicing sector, trading and agri-based investments.
Of the region's investments in the first quarter, P372.01 million was recorded under Business Name Registrations, P146.56 million for local government units (LGU) investment initiatives, P125 million for ecozones, P44.50 million for banks, P26.53 million for small and medium enterprises/cluster/one-town, one-product projects, P10.59 million for financing and P233.44 million from other multi-sources investments.