Misamis Oriental corners lion’s share of BOI R10 Investments

Jan 20, 2019

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Misamis Oriental Province garnered three-fourths of Northern Mindanao’s (Region 10) record-shattering investments registered with the Board of Investments (BOI) in 2018.

With three of the five big ticket investments locating in two of its eastern towns, the province accounted for P172.3-B of Region 10s P228.8-Billion (B) total for the period.

Better still was the dispersal of two other big ticket projects to Bukidnon and Iligan City/Lanao del Norte with one each.

Another positive development for the region: manufacturing accounted for 82.5 percent of the P188.7-B sectoral investment and 97.2 percent of estimated total employment.

ROLL-IT-Road-Projects-for-PIE-MO-are-aimed-at-supporting-the-operations-and-growth-of-locator-industries (EEI-photo)

Basic metals manufacturing bannered this sector with the AFP Group Holdings Corp. P158.4-B facility at Park 5,  Villanueva,  Phividec Industrial Estate-Misamis Oriental as the largest. 

The 70% Filipino, 30% China joint venture will manufacture slabs and hot rolled coils, and is expected to generate an estimated 10,000 new jobs.

Also in the same sub-sector is Steel Asia Villanueva Works P12.15-B expansion in Sitio Kirahon, Bgy. San Martin, Villanueva.

The 100% Filipino venture will produce concrete reinforcing steel bars and wire rods, and generate 1,200 new jobs.

SteelAsia imports semi-finished steel billets that are the input material for rebars.

Rounding out the Big 3 of big-ticket investments in Misamis Oriental is the P1.8-B 100% Filipino project of Bio Renewable Energy Ventures, Inc. which would produce coco methyl ester (CME) and glycerin, and generate 33 new jobs.

The two ventures listed in the Non-Metallic Mineral Products Manufacturing sub-sector is bannered by Republic Cement Iligan Inc.’s P18.09-B new cement production facility at Bgy. Kiwalan, Iligan City.

Republic Cement Iligan Inc. plant at Bgy. Kiwalan, Iligan CIty.

 

Formerly known as LaFarge Iligan Inc. and Iligan Cement Corp. prior, it is expected to generate 30 new jobs.

Also in this segment is Silver Lake Manufacturer’s P26.5-million (M) factory at Zone 5, Bgy. Pagatpat, Cagayan de Oro City, which will produce machine made hollow blocks and create 21 new jobs.

After Manufacturing, the Services Sector follows with P38.3-B investments, which is P16.7% of the region total.

Pulangi Hydro Power Corp’s P37.9-B South Pulangi Hydroelectric Power Plant in Bgy. Tankulan, Damulog, Bukidnon will produce 250 megawatts (MW) of Renewable Energy for the Mindanao Grid and generate 90 new jobs.

Aerial View of Pulangi River in Bukidnon

This 60% Filipino owned joint venture also includes investors from China and the British Virgin Islands.

Still in the Services Sector are two real estate developers in Cagayan de Oro City for economic and low-cost housing.

Liberty Land Corporation’s Southpoint 1 in Bgy. Lumbia will commence  its P182.06-M horizontal development,   as would Cagayan Communities P171.44-M Lumina Homes Gran Europa for the same purpose at the same barangay.

Cagayan Communities has started horizontal development for its Lumina Homes in Bgy. Lumbia, Cagayan de Oro City.

Cargoman Corporation’s P9.22-M venture to produce live hogs in Bellevue Subdivision, Upper Carmen, Cagayan de Oro was the lone listing for the Agriculture, Fisheries and Forestry Sector in the region for 2018.

Although the regional capital of Cagayan de Oro accounted for only P389.22-M or .002% of the region’s total, industry insiders say this is all in keeping with the city’s vision to provide the necessary support services such as food, shelter and education for workers households in other cities and provinces of Region 10 as they pursue a balanced industrial-agricultural-commercial regional economy.

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