|
CAGAYAN
DE ORO CITY—Mindanao leaders must not lose sight on the
social issues such as poverty and peace and security in
the attainment of the island’s sustainable development.
This was
emphasized as the Mindanao Business Council (MBC) urged
the members of the League of Cities of the Philippines,
Mindanao Island Cluster, in a four-day meeting here to
take cognizance of the economic gains the island has
achieved for which the local governments, to sustain the
gains, should undertake hand-in- hand programs that
would alleviate poverty and install conditions that
would lead to long-term peace.
Vicente
Lao, MBC chairman, in updating the city mayors coming
from the different parts of Mindanao, said that the
island posted 133.8-percent increase in investment
during the first half of this year due to the robust
local investments, particularly buoyed by the power
sector.
However,
foreign direct investments dropped by about 80 percent
from P603.55 million in the first semester in 2006 to
P115 million in the same period the same period of
2007.
MBC said
the power-generation sector showed the biggest chunk of
investment share with P 2.663 billion, or 78 percent of
the total investment value, where the establishment of
a hydroelectric plant in Tamugan, Davao del Sur, a
subsidiary of the Aboitiz Equity Ventures, as the
leader.
Lao said
that most of the investments during the period came from
the existing establishments undergoing expansion or
rehabilitation.
Following the power sector is the exploration of
chromite ore, sand and concentrates, which totaled
P333.354 million, or 10 percent of the total
investments.
“The
impressive investment performance clearly shows that we
are in the right direction in our efforts to fast-track
trade and investment promotions in Mindanao,” Lao said,
adding, “this is a positive signal, especially for the
foreign investors, to come to the island region.”
MBC data
shows that Southern Mindanao posted the biggest
investment value at P2.792 billion, followed by
investments in the
Phividec
Industrial
State
in Northern Mindanao at P1.194 billion.
The bulk
of foreign investments came from the Chinese, who
ventured in mineral-exploration projects in the
municipalities of Loreto and San Jose on Dinagat Island,
particularly on chromite ore, of which some have tied up
with local mining companies operating in the area.
Other
foreign investors were the Japanese, who are into
activated carbon manufacturing, and the South Koreans,
whose interest was in the coco industry. |
