DTI monitors P1.06-B new investments in NorMin
CAGAYAN DE ORO CITY, June 19 (PIA) -- The Department of Trade and Industry (DTI) have monitored a total of P1.06-billion new investments in Northern Mindanao for the first quarter of 2012.
This amount is higher by 41 percent compared to the P755.27-million worth of investments that poured in the region during the same period last year, said Engr. Cecilio Y. Clarete, Chief Economic Development Specialist of the National Economic Development Authority Regional Office 10.
Except for Lanao del Norte, all other provinces in the region registered increases with Misamis Oriental, taking almost half of the total regional investments or about 43 percent. Misamis Occidental shares 35 percent while Lanao del Norte, Camiguin, and Bukidnon shared nine percent, eight percent, and six percent, respectively.
Clarete said majority of the P457.52-million worth of investments in Misamis Oriental went into the infrastructure and services, trading and service sectors, such as construction and expansion of tourism-related facilities like hotels and restaurants, and real estate development, which were mostly concentrated here in the city.
He added that investments poured in Misamis Occidental, which amounted to P367.26 million, were mainly from the procurement of various assets and infusion of working capital for lending cooperatives, as well as the construction of school building.
Lanao del Norte, on the other hand, registered major investments under service, trading and agri-based sectors that included expansion of construction services; construction of apartments, lodging houses and hospital; and establishment of a grocery store and farm supply.
According to Clarete, investments in Camiguin were mostly in the service and trading sectors that included tourism-related investments as well as the expansion of a cable television service provider and the establishment of new bank and pharmacy, while the P60.96 million investments recorded in Bukidnon came mostly from the establishment of a rubber plantation, expansion of pineapple production, construction of hydro power generation plant, and construction of buildings.
Meanwhile, Securities and Exchange Commission-registered investments have declined by 77 percent in terms of paid-up capital for new stock corporations, from P138.58 million in the first quarter of 2011 to only P31.98 million in the same period of 2012.
Clarete said the paid-up capital went down despite the 57 percent increase in the number of new firms, which were registered to put-up or expand their activities in the region because two major companies have applied with huge capitalization last year. (APB/PIA-10)
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