NorMin investments up by 105%
- Source: http://www.sunstar.com.ph/cagayan-de-oro/business/2015/06/23/normin-investments-105-414731
- Tuesday, June 23, 2015
- By Butch D. Enerio
INVESTMENTS in Northern Mindanao surged in the first quarter of this year.
In a media forum spearheaded by the National Economic and Development Authority (Neda) last week, the Department of Trade and Industry’s regional office reported that investments reached P4.73 billion from P2.31 billion in the first quarter in 2014, a 105 percent increase.
Most of investments went to Misamis Oriental and Bukidnon.
Misamis Oriental generated P2.78 billion, up by 53 percent year on year, and accounted for almost 60 percent of the total regional investments for the quarter.
Infrastructure and services soaked up 85.49 percent of the total investments in the province.
Major investments included the completion of port facilities in Cagayan de Oro City, the construction of real estate building and expansion of a plantation in the municipality of Claveria.
Bukidnon raked in P1.3 billion, a 28.21 percent slice of the regional investment pie.
Agriculture and agri-based businesses that increased production and construction efforts pushed up the investment figures.
Except for Camiguin, which had 42 percent drop, all five provinces in the region had higher investment numbers during the quarter.
Misamis Occidental ranked third with 6.35 percent, doubling investments from last year’s P150.41 million to P300.17 million coming from servicing, infrastructure and services and trading.
Lanao del Norte generated P294.47 million worth of investments, up by 29 percent year on year. The servicing sector posted 45.93 percent or P134.88 million followed by infrastructure and services with 32.23 percent or 94.65 million, and 15.64 percent or 45.93 million was generated by the trading sector.
Construction or expansion of business entities and the establishment of a logistic company boosted investments in the province.