PIA Press Release
Thursday, January 26, 2012
Economic boom in Caraga seenSURIGAO CITY, Jan. 26 (PIA) -- Full economic activity is seen beginning this year in the Northeastern Mindanao as both foreign and domestic investors in agricultural, industrial, mining and tourism industries are already in place in the region’s five provinces and six cities.
After signing a memorandum of understanding, a Japanese business group is already in close coordination with a local construction company in Butuan City for the establishment of multi-million-peso run-to-river mini-hydro power plants. City officials, led by Mayor Ferdinand M. Amante, Jr., have already given the green light for the project.
Some Koreans and Chinese business groups including domestic businessmen have already started operating their agricultural plantation in the city of Butuan and the province of Agusan del Norte with close to 50,000 hectares open for co-management with the local government unit and business group or individual.
One of the country’s three top companies also inked their memorandum of understanding with a mining company at Nonoc here for a major nickel mining operation. The company investment of some $2.5 billion is expected to generate 8,000 new jobs. The city government of Surigao led by Mayor Ernesto T. Matugas is already extending assistance for the commencement of the mining operation.
The city government of Surigao also started their P500 million Surigao City “Agri-Fisheries and Agro-Industrial Development Program” for 2012-2016 where an estimated 10,000 farmers will be benefited. This program is also open to different business groups, both foreign and domestic.
Multi-billion dollars’ worth of mining investments of foreign and domestic business groups in Claver and other towns in Surigao del Norte and also in Surigao del Sur are in full swing this year, generating at least 20,000 new jobs and additional revenues for the local government units.
Just recently, officials and technical men from the Korean government, assisted by Region XIII Department of Energy and Natural Resources (DENR) Regional Executive Director Leonardo R. Sibbaluca, per instruction of Environment Secretary Ramon J.P. Paje, started surveying in Agusan del Sur for the establishment of a multi-million-peso wood pellets plant in the economic zone area of that province.
Aside from generating local employment and revenues, the establishment of this environment-friendly wood pellets plant is expected to bolster the solid waste management program and global warming and climate change mitigation programs of the government. The Koreans also intend to plant millions of agricultural tree seedlings in the wide areas in Agusan del Sur and neighboring areas. (MUC/PIA-Caraga)