More than Php5B investments seen in Caraga region in 2010

October 19, 2009 11:16 pm 

BUTUAN CITY, Oct. 20 –- Economic growth continue to spur in Northern Mindanao (Caraga region) as more than Php5 billion investments is seen in 2010.

“This new development will surpass the 2009’s first semester investments of more than Php1 billion,” said Northern Mindanao Regional Director Brielgo O. Pagaran.

In year 2007, mining investments in Caraga region only reached up to US$ 370 million.

Having mapped-out the strategies and identified the areas for interfacing with some of its partners, DTI Caraga is hopeful that all mining companies, fisheries and agricultural sector will be fully operational in year 2010 and beyond.

Todate, there are about 62 mining companies operating at various provinces in Agusan del Sur, Surigao del Norte, Agusan del Norte, Surigao del Sur and Dinagat Islands province and Surigao City.

Added to the burgeoning economic activities in the region next year is the US$ 1.2 billion Sumitomo Co. and Zamora Group mining investments in Surigao del Norte.

Another factor that generate more income and employment is the approval of the 300,000 hectares 12 Certificates of Ancestral Domain Titles; Php100-million fish processing port in Barobo and Lianga; the Php100 million investment of Stanfilco/Dole Philippines’ 100-hectare banana plantation in Tago, Surigao del Sur; and the 170,000 hectares agri-tree plantation of Shannalyn’Techlan Co. in Esperanza, Agusan del Sur.

The P200 million hydro power investments in Agusan del Norte, with two ready for operation and five are on process of coal power plants in areas of Bislig City and Hinatuan and Lianga in Surigao del Sur province also added to the unstoppable economic activities in 2010 in Northeastern Mindanao region.

Aside from local and national tax and revenues, at least 5,000 workers are also benefited of these big companies now in the position for full take off, said director Pagaran.

“Investments might double in next year,” he said.

The expansion of palm oil plantation is also seen in Agusan del Sur and Agusan del Norte next year.

He said all concerned agencies of the government and stakeholders, especially the local government units must work hard to help the region realize its potentials.

The region’s trade and industry chief said the Philippine Mining Act of Republic Act 7942 have added to the continuing mining activities in the region.

Last Month (Sept. 22-25), the Environmental Summit held in Ulan, Bataar, Mongolia acknowledged the Philippines as “friendliest country to foreign mining companies by giving tax holidays, a favorable free and prior informed consent guidelines and auxiliary benefits attached to the mining permits issued," said Pagaran.

He said in that summit, delegates coming from various countries sees that Caraga region, which is the Philippines’ mining capital, is now the “Asia’s Mining Capital”.

Caraga region is also known where the Philippines’ largest gold and nickel ore deposits are found, he said.

“This big investments mushrooming in the region is a plus factor to the economy and the coming years Caraga region is line up as the most progressive region in the country,” he added. (PNA) LDV/MUC/utb

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