P17.3T in investments expected in Davao Region

DAVAO CITY (MindaNews/11 February) — Investments worth P17.3 billion are expected “to be on the ground” in Davao Region this year, according to data from the regional office of Department of Trade and Industry (DTI).

Data from DTI XI said these came from the investment leads that the department recorded last year, where 28 companies committed to set up projects.

The biggest project was the P9.9 billion-oil and gas venture being planned in Davao del Sur.

The oil and gas project was followed by the P5 billion-real estate development and transportation services projects which would cost at least P1 billion. Both will be set up in Davao City.

Last year, the Board of Investments (BOI) XI recorded P12.544 billion worth of investments. It said majority of the investments were on transportation, logistics and storage projects in Davao del Norte.

Romeo L. Castañaga, provincial director of DTI-Davao del Norte, said earlier in an interview that these were the projects of Hijo International Port Services Inc., San Vicente Terminal and Brokerage Services and HLC Construction and Development Corp. which were granted fiscal incentives by BOI.

Based on the records from BOI XI, Hijo International Port Services Inc. is pouring P5.724 billion for a seaport and container yard in Tagum City that can accommodate 450,000 20-footer equivalent units (TEUs) a year.

The other investor, San Vicente Terminal and Brokerage Services, a unit of Anflocor Group of Companies, has set up a P2.653-billion Davao International Container Terminal in Panabo City. The terminal has a capacity of 400,000 TEUs per year.

BOI XI added that HLC Construction and Development Corp. ventured into the Oakwood Residences project in Panabo City to the tune of P116.210 million.

Apart from BOI XI, Castañaga said Robinsons Land Corp. was also able to gain fiscal incentives from the local government of Tagum City for its P2.7 billion-mall. The company planned to start commercial operations by the end of the year.

“It is the first project that the local government of Tagum City granted with fiscal incentives last year,” he said. (MindaNews)