Thursday, July 24, 2008 Mindanao 1st quarter investments reach P3.1-B
MINDANAO investment generation kicked off strongly this year on a total of P3.1 billion worth of Board of Investment (BOI)-registered investments recorded for the first quarter, surpassing the P747-million mark during the same period last year.
The Mindanao Economic Development Council (Medco) announced Wednesday that recent BOI data showed these new investments came from 12 newly registered firms in Mindanao, which generated almost 2,000 jobs.
The newly registered firms, some of which started operations in January, include Liberty Land Corporation, Philippine Sinter Corporation, and Pilmico Foods Corporation in Northern Mindanao; Bioenergy 8 Corporation, Bongreen Corporation, Far East Seafood Inc., International Pipe Industries Corporation, and Nanoscript Inc. in Southern Mindanao; Mommy Gina Tuna Resources Inc. in Central Mindanao; Caraga Oil Refining Inc. and Krominco Inc. in Caraga region; and Pacifica Agro Industrial Corporation in Western Mindanao and Central Mindanao.
Medco said that majority of the investments were poured in Northern Mindanao amounting to P1.83 billion worth of three major investments in power generation, real estate, and animal feed production.
Central Mindanao came in second with a record of P557.9 million in investments mostly from marine products, according to Medco.
It said that around P1.03 billion came from Philippine Sinter Corporation, which is investing in power generation located at the Phividec Industrial Estate in Misamis Oriental and this comprises the bulk of Mindanao's total investments during the first quarter of the year.
Liberty Land Corporation, a real estate developer, is expanding its mass housing project in Cagayan de Oro registering P139.38 million in investments, while Pilmico Foods, which is due to start commercial operations in Iligan this month, has poured in P660 million investments for animal feed production.
Bioenergy 8 Corporation, the first bio-diesel production facility in Mindanao located in Sasa, Davao City started its pre-development stage in January this year.
The plant is expected to enhance access to biodiesel supply in the region.
Nanoscript Inc., an Information and Communication Technology (ICT)-based company engaging in medical transcription training under the Medical Transcription Companies Academy (MTCA), has also started operations in Davao City early this year.
Most of these investment projects are in their pre-development stages.
Foreign investment partners include Chinese, Japanese, Korean and British investors.
BOI-registered investments in Mindanao reached P7.227 billion in 2007 with power generation as the leading investment area.
"The impressive investment performance for the first quarter will give a positive signal especially to foreign investors to pour in more investment projects in Mindanao," said Medco chairman Undersecretary Virgilio Leyretana.
Leyretana said the investment outlook for 2008 would see a surge in power generation and Business Process Outsourcing (BPO)-related investments. (Bong Garcia)
