Mindanao investments surge to record high

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PUBLISHED ON September 24, 2007 AT 12:11 PM

The power generation sector got the biggest chunk of investment share with 2.663 billion pesos or 78 percent of the total investment value. Responsible for this notable increase is the putting up of the hydroelectric plant in Tamugan, Davao del Sur by HEDCor Tamugan Inc., a subsidiary of the Aboitiz Equity Ventures. Following the power sector is the exploration of chromite ore, sand and concentrates, which had a total value of 333.354 million peso sor 10 percent of the total investments.

The processed fruits and vegetables, processed meat and investments in cold storage facility each registered a 3 percent in investment share.

Two expansion projects of the Philippine Sinter Corporation involving the construction of a processing plant and the development of a power generation plant contributed largely to the increase in PHIVIDEC-registered investments. PHIVIDEC investments contributed to 1.169 billion pesos or 98 percent of the industrial estate’s total investment value.

“The impressive investment performance clearly shows that we are right on track in our efforts to fast track trade and investment promotions in Mindanao as indicated by the sharp increase in investment growth,” said Undersecretary Virgilio Leyretana, Medco chairman.

He said that he is optimistic that the growth will give a positive signal especially to foreign investors in Mindanao to pour in more investment projects in the island-region.

He also lauded the confidence shown by the local investors in putting up more projects in Mindanao, citing the contribution of the latter in Mindanao’s total investment performance for the region.

Aside from Philippine Sinter, another expansion project is the development of an agro-industrial complex by the Limketkai Manufacturing Corporation. The project is expected to generate 500 jobs. Rubenori Incorporated, a new investor in the industrial estate, will put up a facility on the recovery of recyclable materials which is pegged at around 25 million pesos. (Medco/davaotoday.com)

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Mindanao investments surge to record high

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