04 Oct Investments in Northern Mindanao Dropped 54% in the 2nd Quarter of 2016
It can be recalled that a year earlier, investments in Mindanao totaled to P7.96 billion. But in the second quarter of this year, it went down to a whopping 54 percent drop with P3.70 billion.
As noted from the National Economic Development Authority (NEDA) second quarter regional economic situationer, the huge drop in investments was due to the establishment of two plants in Misamis Oriental where the bulk of investments was already spent last 2015. But despite the 67.98 percent drop, Misamis Oriental remains the biggest contributor with 57.8 percent to the total investments. A motorcycle assembly and a petroleum depot of which are both new firm locators in the Philippine Veterans Industrial Development Corporation (PHIVIDEC) Estate in Villanueva, Misamis Oriental are the contributors of the bulk of current investments in the province.
Meanwhile, the top gainer for this quarter is the province of Misamis Occidental which generated about P745.42 million mostly coming from infrastructure and services sector compared to P123.23 million from the same quarter of last year, 2015. Plus, there are new investments such as the new gasoline station and new medical and hotel establishments which also contributed to the province’s investment increase.
Lanao del Norte, compared to the same quarter of last year, 2015, investments went up to 89 percent or P209.09 million which mostly come from infrastructure and services (54.98%), servicing sector (31.04), and trading sector (12.07%).
Some investments amounting to P13.01 million were generated for Camiguin coming from servicing and trading sector. Compared to the same quarter of last year, it went up to an 182 percent.
Investments in Bukidnon, however, dropped by 40 percent. In figures, a P380-million drop compared to the same quarter in 2015. Still, the province contributes a total share of 15.34 percent to the total investment in Northern Mindanao coming from investments in infrastructure and services sector at 44.46 percent, agri-based sector at 16.14 percent, and energy sector at 19.28 percent. To be particular, the expansion of the power plant situated in Manolo Fortich, duck house, and warehouse.
Construction of new restaurants that include the additional working capital also contributed to the big amount of investments.