Elections cited for drop in Mindanao investments.
By Antonio Colina IV
DAVAO CITY - Foreign investors likely hedged in going to Mindanao prior to the elec-tion month, explaining the big drop in the ap-proved foreign direct investments
John Tria, Davao City Chamber of Com-merce and Industry Inc. executive vice presi-dent, said "investment decisions are not made every day. Some investment decisions will wait until significant milestone dates like the elec-tions. In my experience over the last 10 years, the period before an election year, the period before election month, people often have this wait and see attitude then after the election of-tentimes regardless of the results, investment decisions are already made."
The Philippine Statistics Authority (PSA) reported that approved FDIs in Mindanao dropped to P284.8 million from P1.650 billion in the same period a year ago.
Of the six Mindanao regions, the five-prov-ince, six-city, and 43-municipality Davao Region contributed P189.5 million. Northern Mindanao's share was P8 million and Soccsksargen's P87.3 million.
Mindanao's total investments rep-resented 0.61 percent of the P45.984 billion approved foreign investments in the first quarter of 2019. Central Luzon would receive P22.106 billion of the for-eign investments approved while Cala-barzon would receive P15.7 billion.
The data on the foreign invest-ments were culled from the govern-ment's seven investment promotion agencies such as the Board of Invest-ments, Clark Development Corpora-tion, Philippine Economic Zone Au-thority, Subic Bay Metropolitan Authority, Authority of the Freeport Area of Bataan, BOI-Autonomous Region of Muslim Min-danao (BOI-ARMM), and Cagayan Eco-nomic Zone Authority.
Tria said a quarterly data on the FDIs did not reflect the attractiveness of Min-danao to foreign investors, and that the year-on-year growth of the investment figures must be looked at.
Philippine Statistics Authority (MANILA BULLETIN)
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|Date:||Jun 11, 2019|
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