BUSINESSES are looking to invest in the Eastern Visayas in industries such as water transport, hospitals, agribusiness, mass housing, and agro-processing, according to the Department of Trade and Industry (DTI).
The DTI said prospective investors expressed “strong interest” during investment promotion activities conducted by the Board of Investments (BoI) in the region, to tout opportunities under the 2017-2019 Investment Priorities Plan (IPP).
“The Philippines has a growing economy. In fact, our country is projected to grow more than five times its current economic size and become the 24th biggest economy in the world by 2030,” Trade Undersecretary and BoI Managing Head Ceferino S. Rodolfo said in a statement.
“We see stronger demand for many projects such as these not only in the Eastern Visayas but also in the other parts of the country,” he added.
He said prospective investors can take advantage of the continued improvement of infrastructure in the Eastern Visayas.
He cited Catbalogan City’s Sky City Mega Project, which aims to address the lack of space within the city proper by building on 440-hectares in hilly territory, 120 meters above sea level.
Mr. Rodolfo added interested investors can also take advantage of the investment incentives for doing business in Eastern Visayas provinces such as Samar and Northern Samar, which are classified as Less Developed Areas (LDAs).
Projects located in LDAs are entitled to pioneer incentives.
These include Allen, Biri, Capul, Lapinig, Mapanas, Rosario, San Antonio, San Jose, San Vicente, and Victoria in Northern Samar; and Almagro, Basey, Daram, Jiabong, Marabut, Matuguinao, Pagsanghan, San Sebastian, Santa Rita, Santo Niño, Tagapul-an, Talalora, Villareal and Zumarraga in Samar.
Of the P617 billion worth of BoI-approved investments in 2017, Eastern Visayas accounted for P754 million. These investment projects covered tourism, agri-business and mass housing projects.
In the first six months of the year, BoI-approved investments in the region totaled P368 million. — Janina C. Lim