CAGAYAN DE ORO CITY, Misamis Oriental, (PNA) — Total investments in Misamis Oriental and the Northern Mindanao plummeted in the second quarter of 2013 compared to the same period last year.
The Department of Trade and Industry reported that total investments in Misamis Oriental, which included in its record the chartered city of Cagayan de Oro, only accounted for P109.52 million. During the same period last year, the province received a whooping P7.04 billion worth of investments.
A total of P765.83 million worth of investments was poured in Northern Mindanao in the second quarter of 2013, the data showed.
But on a year-to-year basis, the investments monitored by the DTI for the second quarter of 2013 in Northern Mindanao was down by 92 percent compared to the P9.81 billion generated during the same quarter in 2012.
The bulk of the investments in Misamis Oriental includes expansion of food-related outlets in various malls, expansion of poultry production specifically in farm inputs, construction of new hotel and development of new establishments.
Engr. Cecilio Clarete, chief economic development specialist of National Economic Development Authority (NEDA), said that last year there were extraordinary investments poured in Misamis Oriental such as the expansion and procurement of additional equipment for the beverage production plant in Villanueva, development of new real estate lessors, and ongoing construction and expansion of tourism and business-related facilities like the Centrio Ayala mall.
This year’s record also noted a huge drop of about 90% in Bukidnon’s total investments. The province was last year’s top gainer.
Clarete said investments in Bukidnon last year were also brought about by the construction of hydropower plants in Valencia City as well as the expansion of banana, pineapple and carrot production area, building improvement and acquisition of machineries related to the production of these products.
In Misamis Occidental, the major investments include development of the passenger terminal building, hospital buildings, new commercial buildings, additional capital infusion on trucking and hauling services, and establishment of pension house.
The second major contributor this year was Bukidnon with a 30 percent share at P227.29 million due to expansion of cut flower production in Manolo Fortich and additional facility on sugar milling that comprised the majority of the investments.
Lanao del Norte ranked third with P159.05 million or 21 percent share. These investments constituted an expansion of a cement company including installation of the bag loading system and screw compressor in Kiwalan, Iligan City; expansion of coffee production in Panoroganan, Iligan City; improvement of hotel, bank, power plant facilities, commercial buildings and eco-tourism park.
Camiguin, on the other hand, recorded P24.35 million most of which were poured into the development of new resorts and establishment of new transportation services comprised the majority of the investments in Camiguin.
However, Clarete disclosed that the DTI is expecting more investments in the region towards the remaining quarters of 2013.