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PIA Press Release

New big investments to cost more than P15-B

by Prix D Banzon

Davao City (7 August) -- Four new big investments will locate in Sta. Cruz, Davao del Sur this year with the biggest project worth t about P15 billion.

Mayor Joel Ray Lopez in an interview said the biggest investor is the shipyard project of Mitsubishi where investors are already complying with the requirements.

The other three investments are the Jetty Oil depo and plant, banana chips factory, and the 60 hectares farm lot subdivision.

The three investors are already complying with their requirements, he said.

Lopez said the developer of the real property project has been working on the road right of way and said that they want to convert the place into a high-end resort residential area.

This project will fall under eco-tourism, a priority program which the municipality is also pushing, he said.

The banana chips project on the other hand is an expansion project of Coco Davao and is expected to employ additional 200 workers. It is expected to operate by the end of 2008 with the ongoing construction of its facilities.

Meanwhile the Franklin Bakers had infused P100 million investments in its expansion project that become operational last year.

HEDCOR with P6 billion investments is expected to operate next year, he said.

Given these industries Mayor Lopez said they expect additional income to fund their priority projects on environmental protections and other basic services.

Sta. Cruz is a first class municipality with an IRA of P80 million and local income of P40 million.

Lopez attributed the growth of investments in their area because of big industry leaders that already located in their municipality.

He noted that with the entry of San Miguel Corporation more investments has considered their town making their municipality a choice area to locate big industries even as he said that investors find it easy to locate in their area because the cost of doing business is reasonable. (PIA) [top]

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