Northern Mindanao posts hike in investments
NEW investments generated in Northern Mindanao region has increased to P7.31 billion for the second quarter of 2018 compared to the P4.67 billion posted on the same quarter last year.
Among the top sources of investments, as stated in the reports from the Department of Trade and Industry-Northern Mindanao, were the infrastructure and services sectors (37.51 percent), the agriculture sector (32.06 percent) and the servicing sector (20.56 percent).
According to the National Economic and Development Authority (Neda)-Northern Mindanao, Bukidnon posted the highest investment growth at 134.3 percent, amounting to P4.09 billion, compared to last year of the same quarter at P1.75 billion.
The said province was also the biggest contributor at 56 percent of the total investments of the region in the second quarter of 2018.
Misamis Oriental ranked second with P2.87 billion total investments. Misamis Occidental, on the other hand, ranked second in terms of investment growth which was at 124.1 percent higher (amounting to P200 million) compared to the second quarter of 2017 (P89 million).
Despite the hike of the region’s investments, Neda-Northern Mindanao said the other two provinces, Camiguin and Lanao del Norte, registered decreases on the second quarter this year compared to last year.
Figures show that Camiguin only generated P9.97 million in this quarter, compared to the P12.69 million it generated in the same period last year.
Lanao del Norte also posted P130.72 million worth of investments, compared to the P132.57 million last year.