[ Manila Bulletin Online ] August 10, 2008
By MIKE U. CRISMUNDO
DAVAO CITY – Economic boom continues in Southern Mindanao region as some P15 billion worth of projects are set to come this 2008.
Bulk of the projects that are set for implemention this year will locate in Sta. Cruz town, Davao del Sur.
Sta Cruz Mayor Joel Ray Lopez said these investments are "big bang" to full economic development of the municipality as he expects additional income to fund their priority projects.
One of the biggest investors is the shipyard project of Mitsubishi. The other three big investments are from the Jetty Oil depot and plant, banana chips factory, and the 60 hectares farm lot subdivision.
According to the mayor, the investors are already complying with their requirements.
The Regional Development Council in Southern Mindanao region also welcome these big investments as more tax revenues for both national and local units will come in.
Higher employment is also at stake with at least 2,000 jobs are expected to be created in the region from these investments.
The Franklin Bakers had already infused P100 million in its expansion project in Sta Cruz.
The banana chips and expansion project of Coco Davao is expected to add more job opportunities and income to local coffers. The additional projects are expected to operate before the end of this year.
Sta Cruz town in Davao del Sur is a first class municipality with an Internal Revenue Allocation of P80 million and local income of P40 million, Mayor Lopez said.
"These investments will boost our economic and development agenda," he said.
Mayor Lopez attributed the growth of investments in Sta Cruz town to the big industry leaders that were already located in the municipality. "I’m very happy that these investors found Sta Cruz town as investments haven in Southern Mindanao," he added.
