Davao investments up by 4%

DAVAO CITY (MindaNews/15 January) – The regional office of the Department of Trade and Industry (DTI) has seen an increase on fresh investments by four percent last year compared to the previous year.

Marizon Loreto, regional director of DTI-XI, said on Friday during the Kapehan sa PIA that P10.998 billion of investments were brought to the region last year; in 2010, the figure was P9.950 billion.

“Several projects were approved and in place as results of DTI-XI’s initiatives,” she said. Among the agency’s initiatives include investment facilitation, investment matching and financing facilitation.

The agency’s field office in Davao Oriental, for instance, conducted the annual business name registration caravan in key municipalities and institutionalized the Local Economic and Investment Promotion Officers Network.

The local government unit of Mati in Davao Oriental also revised its investment incentive code. At least P593.356 million of total investments was generated for the province the previous year, mostly from the industries involved on mining and coconut.

Last year, one of the top investments was the P25-billion coal-fired power project in between Davao City and Davao del Sur of Therma South Inc., a subsidiary of Aboitiz Power Corp., that could generate 300 megawatts of energy.

The tile firm Nakayama Technology Corp. in Digos City, Davao del Sur has further poured an additional of P80-million worth of investments to venture into the production of modular kitchen facilities and accessories as its new product line.

Some projects are also expected to be on the ground this year from the investment leads in 2011 that amount to P4.982 billion. Those are projects on coconut products, housing, palm oil, convention center, agriculture and energy.

Edwin Banquerigo, provincial director of DTI-Davao del Sur, said two different companies already showed intention to establish solar projects. The Phil-New Energy, for instance, has eyed to invest around P7 billion for the establishment of a 35-megawatt solar power plant.

“It would be the biggest solar project in the country once the firm would finally pursue its plan,” he said. The proposed plant is a joint project of Ayala Corp. and Mitsubishi Corp. that would be established in Darong, Sta. Cruz, Davao del Sur.

The other proposed project is the solar power plant of Inifinity, a Chinese corporation that will be using Belgian technology. The firm plans to set up a solar power plant that could generate around 20 megawatts with an investment of P3 billion. (MindaNews)