DAVAO CITY—The province of Davao del Norte earned P11.194 billion last year from big investors as the local government stepped up the implementation of its investment code to encourage more business prospects.
Romeo Castañaga, acting chief of the provincial Department of Trade and Industry said the income placed the province in the top investment spot in the region last year.
The four big-ticket projects with a combined worth of P11.194 billion were the P5.724-billion seaport and container yard project of the Hijo International Port Services Inc., the P2.7-billion mall project of the Robinsons Land Corp. both in Tagum City, the P2.653-billion international container terminal of the Anflocor-owned San Vicente Terminal and Brokerage Services in Panabo City, as well as the P116.210-million Oakwood Residences undertaken by the HLC Construction and Development Corp. also in Panabo City.
Castañaga said the four big projects accounted for 76 percent of all investments registered in the Board of Investments (BOI)last year.
Businesses registered with the BOI could avail of incentives from the national government.
Gov. Rodolfo del Rosario said the province “is poised to sustain its lead as the top investment haven in the Davao region, with the formulation of the rules implementing its Local Investment and Incentives Code.”
The legislation could become landmark legislation, he said, as he requested the Provincial Board to prioritize the proposal.
The governor said he wanted the passage of the proposal “to strengthen the province’s preparation for the Asean regional economic integration this year.”
The Davao del Norte Investment Promotion Center led the crafting of the implementing rules. It was being assisted by the Canadian government-funded Local Governance Support Program for Local Economic Development.
The implementing rules of the investment code cover features like integration of global themes, promotion of sustainable agriculture, and the expansion of coverage and non-fiscal incentives.
He said more investments would mean “accelerated economic progress, provide employment opportunities, increase revenues, reduce poverty, and ultimately improve the quality of life of the people.”