DAVAO CITY, Philippines Mindanao attracted P3.1 billion in investment commitments in the first three months of the year, about P2.353 billion more than the same period last year, data from the Board of Investments showed.
A press release Thursday of the Mindanao Economic Development Council (MEDCo) cited this data in saying that these first quarter investment commitments were made by 12 companies, whose planned projects are expected to generate 2,000 new jobs.
MEDCo chairman Unsec. Virgilio L. Leyretana projected that Mindanao will surpass the P7.227 billion committed in 2007, with power generation and business process outsourcing investments taking the lead this year.
Investing in Mindanaos power sector are the Aboitiz Power Corp. which plans to build four hydroelectric plants in the Davao Region, and Alcantara-controlled Conal Holdings which is setting up a $450-million 200-megawatt coal-fired plant in Maasim, Sarangani.
Philippine Sinter Corp. plans to invest P1.03 billion for power generation at the Philippine Veterans Investment Development Corp. Industrial Estate in Tagoloan, Misamis Oriental.
In Iligan City, Pilmico Foods, an animal feed producer, plans to start its P660-million investment.
Another big investment was the P139.38 million housing project of Liberty Land Corp., which is expanding its mass housing project in Cagayan de Oro City.
Bioenergy 8 Corp. has also started the predevelopment stage of its first bio-diesel production facility in Sasa, Davao City.
Nanoscript Inc., a medical transcription company that is conducting training under the MTC Academy umbrella, has started operating here.
Other investors included the Bongreen Corp., Far East Seafood Inc., and International Pipe Industries Corp. in Northern Mindanao; Mommy Gina Tuna Resources Inc. in Central Mindanao; the Caraga Oil Refining Inc. and the Krominco Inc. in the Caraga Region; and the Pacifica Agro-Industrial Corp., which will operate in Western and Central Mindanao. BusinessWorld