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PIA Press Release

DTI optimistic on economic growth for 2008

by Prix D Banzon

Davao City (8 February) -- A high government official in the region expressed positive economic outlook for 2008 with more projects and interventions now on the pipeline.

Assistant Secretary Engr. Merly Cruz of the Department of Trade and Agency based in Davao City said several big ticket projects are expected to proceed this year after agreements were forged late last year with partners both from the government and private sector.

Among these agreements she said are the development of strategic infrastructure projects such as the Mindanao Railyway System and the Island Garden City of Samal (IGaCoS) Bridge as priorities.

The agreement was entered into between the Mindanao Busienss Council, Davao Integrated Development Program (DIDP), and the United Kingdom-based financier MCC Capital Projects, Ltd.

Another big ticket project is the coal mining project to be explored by Filipino and Indonesian businessmen in East Kalimantan, Indonesia; and the Oleo Chemicals project between Mindanao and Sabah, Malaysia for possible joint venture arrangement in coco oil and oil palm processing.

These projects, she said were included in the 21 projects discussed by prospective partners during the business matching of the First Investment Conference of the BIMP EAGA.

Meanwhile Cruz reported that the Davao Region generated a total of P9.18 billion of investments last year that was 44 percent higher compared to 2006 figure of P6.36 billion.

These projects involved 46,416 jobs or 18 percent higher than 2006's 39,000.

Cruz said the performance last year showed that the region had a robust economy.

She said they expect a continued positive performance with various agencies and association collaborating with the government in the implementation of projects and initiatives. (PIA) [top]

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