by Jasper Marie Oblina-Rucat
CAGAYAN DE ORO CITY, July 2 (PIA) – With combined investments from 2010 to 2014 of P123,321 Billion, Northern Mindanao sits fifth place in the Department of Trade and Industry (DTI) – Board of Investments’ (BOI) investment commitment per region in the country.
During the BOI Investment Roadshow in Cagayan de Oro City on 2 July 2015, Director Nestor Arcansalin, of the Resource Based Service of BOI said that region 10 has more incentives since it also has more investments.
Industries in the region that helped the economy include accommodation and food service, administrative and support service, agriculture, forestry and fishing, electricity, gas, steam and aircon, information and communication, manufacturing, real estate activities and transportation and storage.
Meanwhile, major products in region 10 include coal-fired power plants by GNPower Kauswagan, FDC Misamis Power, Minergy Coal Corporation; also Hydropower plants such as Hedcor Bukidnon, First Gen Mindanao and Mindanao Energy Systems and Solar power plant by Asian Greenergy.
Mass housing by Filinvest Land, Hotel by Limketkai Hotel and Resort and Animal Feeds Plant by CAS5 Corporation also contribute to the major projects in the region identified by BOI.
According to Arcansalin, the Philippine government identifies three priority sectors of the Investment Priorities Plan 2014 to 2016 which includes manufacturing, agribusiness and services.
The manufacturing sector is in resurgence with preferred activities such as in motor vehicles parts and components, shipbuilding and even aerospace parts and components. Arcansalin says that the market for these products is huge. Even basic iron and steel products, steel grinding balls, long steel products and tool and die such as molds for die casting, among others.
Meanwhile, agribusiness shows high employment generator with preferred activities in commercial production, processing and animal and aqua feeds, among others. The services sector on the other hand shows sustained growth with the IT-BPM size of $18.1B in 2014 in the country. BOI lists preferred activities for services sector such as economic low cost housing, hospitals and other infrastructure.
Arcansalin also mentioned that one of the factors considered by investors is predictability of policy of government. He cited that in Mindanao, the Bangsamoro Basic Law (BBL) if passed, should resolve to good governance to create peace and order thus would create inclusive growth.
Meanwhile, the advantage of foreign investors in the country, according to Arcansalin is they bring capital and technology. Aside from that, they also help us access foreign markets, he said.
The 2014 IPP process include research, peer review of IPP 2014 Framework to a core group of economists and multi-sectoral consultations. (JMOR/PIA10)