Investments in Northern Mindanao have skyrocketed by over a thousand-fold compared to the same period last year.
According to figures monitored by the Department of Trade and Industry in Region X, Northern Mindanao generated PhP 15.9-billion in investments for the third quarter of 2017, recording an astounding 1,197.34 percent rise compared to the third quarter of 2016.
During the 3rd Quarter Regional Economic Situationer held December 13 at the Regional Development Council-X Conference Room of the National Economic & Development Authority Region X, NEDA-10 Research Development Chief Clark Clarete reported the region’s top sources of investments were agriculture-based (80.56 percent), energy (10.06 percent) and infrastructure & services (6.41 percent.)
“The big difference for the third quarter’s investments is due to the upsurge in investments generated from Misamis Oriental which posted the highest investment growth at 2,648.02 percent, bringing up the province’s investment level to PhP 13.3-billion, and 83.56 percent of the regional total,” Clarete said. “Among the new and big investments were new large agri-business projects in Tagoloan, Misamis Oriental.”
Last April, San Miguel Brewery, Inc. broke ground for its second brewery in Mindanao at the Phividec Industrial Estate in Tagoloan, Misamis Oriental, which is expected to be completed within two years, with a production capacity of three million hectoliters.
Later August this year, Purefoods-Hormel also broke ground for a new meat processing plant in the same area.
The “AAA” plant facility will be constructed to comply with National Meat Inspection Service standards, with all packaging of its line of hotdogs, ham, bacon, chicken nuggets and canned beef to be transferred here once operations start.
Purefoods-Hormel Co., Inc. is a subsidiary of San Miguel Pure Foods Company, Inc., the largest food company in the Philippines.
In addition to the brewery and meat processing plant, Misamis Oriental Gov. Yevgeny Vincente Emano disclosed last September that San Miguel will also set up a water filtration plant and Petron Depot in the same compound.
SMC owns a majority stake of Petron Corporation, the largest oil refining firm in the country.
Emano said the combined investments of the four facilities - brewery, meat processing plant, filtration plant and oil depot - will total P60 billion.
Other major investments in Misamis Oriental for the period are a new fully automated plant of Nutrimax Fresh Bake Inc (Gardenia Bakeries) in a 2.5-hectare property in the Phividec Industrial Estate, the expansion of the San Miguel Corp. distillery in the same area and the construction of a Vista Mall within the Limketkai Center complex in Cagayan de Oro, which DTI-X monitors as part of Misamis Oriental.
The Gardenia plant will be capable of producing 130,000 loaves and buns a day, to be distributed with an expanded fleet of trucks all over Mindanao in line with the company’s thrust to bring fresh and quality products closer to consumers.
In the meantime, Bukidnon also performed creditably with a 546 percent increase in DTI-monitored investments for the period.
From PhP 304.20-million in the third quarter of 2016, investments for the same period this year leapt to 1,963.77-billion, thanks to a pair of new hydro-electric power plants being constructed by the Sta. Clara Corporation and Philnew River Corporation.
Sta. Clara Corp. is the contractor for the second hydroelectric power plant of Hedcor Bukidnon Inc.’s Manolo Fortich Hydroelectric Power Project. Manolo Fortich Hydro 2 will have an installed capacity of 25.4 megawatts (MW). Hedcor is a subsidiary of AboitizPower.
Philnew River Corp., an affiliate company of Sta. Clara Power Corporation, is developing the 14-MW hydroelectric power plant along the Mangima River in Manolo Fortich, Bukidnon enters in partnership with Green Renewable Holdings Corporation.
Camiguin and Misamis Occidental also registered 148 percent increase to 29.41 million and 219 percent to PhP 487.96 million, respectively.
(Photo: Vista Mall Cagayan de Oro under construction at Limketkai Center, as of September. CLARK JAY PULIDO thru CDODev.com)