AROUND P3.78 billion worth of investments are poured in Northern Mindanao for the third quarter of this year. It is more than double the figure recorded in the same period last year with only P1.8 billion.
Engr. Cecilio Y. Clarete, economy development specialist of the National Economic Development Authority (Neda) in Northern Mindanao, said majority of these investments were spilled over on infrastructure and services with P3.14 billion.
In Misamis Oriental, he said infrastructure and services comprised more than 90 percent of the total provincial investments, including expansion of subdivisions, restaurants and hotel facilities.
The rest of the sectors in the province shared the remaining seven percent with the services and agri-based sectors contributing three percent and 1.79 percent, respectively.
The province has posted 498 percent increase in investment for the quarter from P561 million to P3.350 billion.
Lanao del Norte shared five percent of the total regional investments amounting to P178.85 million with major investments accounted under the servicing and trading sectors.
Among the investments during the quarter were expansion projects of hospitals, commercial and trading enterprises.
Small and medium enterprises (SME) and one-town-one-product (Otop) projects, which are classified under the agri-based sector, comprised seven percent of the total investments of the province.
Getting three percent of the total regional investments, Bukidnon had contributed P131 million with bulk investment derived from business name registration.
Other investments went to the services and agri-based sectors such as trucking services and expansion of poultry and sugarcane farms.
However, such figure was an 85 percent decrease against record in the same period last year of P876 million.
Camiguin province’s investments slightly went up by 11.13 percent during the period, which contributed P59.22 million of the total regional investments.
Deals were derived from SME and Otop projects, banks and business name registration with major investments classified under trading, infrastructure and services and agri-based sectors.
Meanwhile, Misamis Occidental shared two percent of the total regional investments and got the most of its investments from the business name registration and aquamarine-related projects implemented during the quarter.
article by Loui Maliza of SSC; photo by DKD