GENERAL SANTOS CITY (MindaNews/30 Sept) — Region 12 sustained its position as one of the country’s emerging investment destinations, with the entry of around P711 million worth of fresh ventures in the area during the second quarter of the year.
Maria Felicidad Guerrero, chief economic development specialist of the National Economic and Development Authority (NEDA)-Region 12, said the fresh investments generated during the period were among the bright spots for the region’s economy, which was severely affected by prolonged dry spell or El Nino phenomenon.
Citing data from the Department of Trade and Industry-Region 12, she said six major ventures in the area were approved by the Board of Investments from April to June.
She said this city generated the bulk of the new investments at P608.75 million while South Cotabato and North Cotabato posted a combined P102.427 million.
Region 12 comprises the provinces of South Cotabato, Sultan Kudarat, Sarangani and North Cotabato, and the cities of General Santos, Koronadal, Tacurong, Kidapawan and Cotabato.
“These new investments will offer more opportunities for employment and help reduce underemployment in the region,” Guerrero said in a press conference on Thursday afternoon.
In this city, renewable energy firm Astroenergy Development Inc. poured in P514.98 million for the development of a 24-megawatt solar power plant in Barangay Bawing while the SAFI Shipyard Inc. invested some P93.77 million for the expansion of its shipyard repair facility in Cabu in Barangay Tambler.
Treelife Coco Sugar commenced the development of an P86.159 million production plant for export-quality virgin coconut oil in Carmen town in North Cotabato while the Sumifru Agricultural Development Inc. poured in additional P1.4 million for its pineapple production venture for export in Matalam town.
In South Cotabato, feed company General Santos Feeds Manufacturing Corporation invested some P13.768 million for the production of pineapple pulp and corn silage-based animal feeds for export in Polomolok town, and Biotech Farms Inc. poured in P1.1 million for the production of milled rice and by-products like rice bran and brewer in Tantangan town.
Guerrero said the investments in agricultural processing will bring additional value to various local products and increase the industry sector’s output.
She said the same could be expected with the fresh investment in energy or power generation here.
“The investment in ship repair investments will also boost the output of the services sector,” she added. (MindaNews)