Region 10 has most investments in Mindanao-A A +A
Friday, August 8, 2014
DATA recently released by the Bureau of Investment shows Region 10 (Northern Mindanao) having the most number of investments among other regions in Mindanao last year.
The investments, which amounted to more than 50 percent or P48.12 billion in 2013, showed an impressive growth from 2012’s P3.65 billion.
The growth of investments indicates that investors are now slowly having confidence in the region strengthening its role as gateway of Mindanao.
Northern Mindanao is envisioned to be the leading industrial core and trade center in the country while harnessing its agricultural and natural resources, as stated in the National Economic Development Authority (Neda) regional development plan for 2011-2016.
To further boost this improvement, Neda-10 hopes that the strategic development areas in the region shall be recognized and fully implemented.
The Cagayan–Iligan industrial and trade corridor possesses full potential of becoming a rapidly industrialized area with a large export base.
Cagayan de Oro and Iligan are bases of heavy and large industries which could serve as twin development poles that can draw more manufacturing and processing investments.
The western part of the region, particularly Lanao del Norte and Misamis Occidental, capitalizes on agri-fishery and eco-cultural tourism.
However, improvement of roads for easy access on those parts hinders the full utilization of its resources.
In the next dix years, road improvement is foreseen to hasten economic growth and will make the area self-reliant and productive.
“Agribusiness ventures and eco-tourism in Bukidnon should also be boosted,” Neda-10 regional director Leon Dacanay Jr. said.
The whole province is expected to continue being the center for agriculture in the region. It is also where processing plants get their raw materials.
Malaybalay and Valencia, specifically, are the main growth centers that will spearhead the development of this strategic development area.
Maramag will also be the emerging urban center in the province.
The potential of more eco-tourism and recreational spots are to sprout in the area once the opening of major roads linking Bukidnon to Davao and Cotabato will be completed.
With Camiguin being one of the most sought-after vacation spot in the country, Northern Mindanao’s tourism can still be pushed further if the Ginoog and Camiguin adventure loop will be implemented.
An expanded tourism highway or an adventure-type coastal road will guarantee accessibility and more businesses.
Tourists can avail of tour packages which will start from Cagayan de Oro to Misamis Oriental sites like Mantangale, Duka Bay, and then Camiguin which can hop on to Bohol and Cebu, and vice versa through a nautical highway.
According to Neda, it will complement the adventure tourism in Bukidnon and other areas in the region.
Although Northern Mindanao is gaining attention from foreign investors, officials warn region 10 not to be too complacent of this growth.
The environment should be taken care of despite the spur of industrialization in the region.
Published in the Sun.Star Cagayan de Oro newspaper on August 09, 2014.