Increasing investment growth in Mindanao noted
by Prix D Banzon
Davao City (25 September) -- New investments in Mindanao have resulted to an increase in investment growth in the island.
Mindanao Economic and Development Council (Medco) chair Undersecretary Virgilio Leyretana named the two projects that contributed to the continuing increase of investments in the island as the Philippine Sinter, Limketkai Manufacturing Incorporated and Rubenori Incorporated.
The Philippine Sinter he said has two expansion projects, one involving the construction of a processing plant and the other the development of a power generation plant.
Both investments are registered with the PHIVIDEC making its (PHIVIDEC) total industrial estate's investment value at P1.169 billion or 98 percent.
The Limketkai Manufacturing Corporation is into another expansion project on the development of an agro-industrial complex while Rubenori Incorpoated is a new investor in the industrial estate will put up a facility on the recovery of recyclable materials which investment is pegged at P25 million.
Leyretana is optimistic that the growth will give a positive signal especially to foreign investors to pour in more investment projects in Mindanao.
Meanwhile the Medco report indicated a record high performance of Mindanao investment during the first half of 2007 with 133.8 percent increase buoyed by the power sector.
The report showed that some P4.315 billion worth of investments from 18 investment projects were registered with the Board of Investments and the PHIVIDEC Industrial Estate during the first semester.
The double-digit growth in Mnidanao investments revealed a boost in local investor confidence with most of the BOI-registered investments come from local investors.
Of the regions in the island, Southern Mindanao posted the biggest investment value at P2.792 billion followed by P1.194 billion worth of investments in the PHIVIDEC Industrial Estate in Northern Mindanao.
Most of the investments during this period came from existing establishments undergoing expansion or rehabilitation of their business operations.
Total investments posted by local investors accounted to P3.340 billion or 97 percent of the total investments registered with BOI registering an increase of 168.9 percent for this period. (PIA XI) [top]