Mindanao gets $85M investment pledges

MANILA, Philippines - The Philippines has received $85 million worth of investment pledges for projects in Mindanao during a recent international trade fair and conference.

According to the Department of Trade and Industry, the Philippines received the investment commitments during the 2nd BIMP-EAGA (Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area) and IMT-GT (Indonesia-Malaysia-Thailand Growth Triangle) Trade Fair and Business Leaders’ Conference, organized by the Mindanao Development Authority (MINDA) held late last month in Davao.

The investments for the Philippines discussed during the business matching sessions of the event are intended for the following projects: coffee plantation in Sultan Kudarat ($33.5 million), palm oil plantation in North Cotabato ($33.5 million),  an oil depot in the Autonomous Region in Muslim Mindanao ($9.8 million), and a corn processing facility in South Cotabato ($7.8 million).

Including pledges made for other countries, the event cornered a total of $132.26 million worth of possible investments.

The DTI said initial reports from the Philippines and Malaysia also showed that a total of $64 million in booked sales were generated from the trade fair.

About 114 Philippine exhibitors showcased their products at the country’s pavilion during the event.

Luwalhati Antonino, chairperson of MINDA and also the lead convenor of the trade fair and conference, said the investment pledges and booked sales during the event show the re-invigorated interest on the two sub-regional groupings: BIMP-EAGA and IMT-GT.

The two sub-regional groupings were formed to promote trade, investments as well as tourism.

The two are also seen to play a role in the upcoming ASEAN integration.

The ASEAN Economic Community (AEC) to be established by the end of 2015, is expected to transform ASEAN into a region with free flow of goods, services, skilled labor, investments and capital.

The BIMP-EAGA IMT-GT Trade Fair and Business Leaders’ Conference covered discussions on the AEC with focus on the following industries: aquaculture, coconut, livestock and poultry, as well as fruits and vegetables.

The event, which was held to promote regional cooperation, was attended by more than 25,000 local and international participants including visitors from Canada, Japan, Mexico, Netherlands, Singapore, South Korea, Taiwan, United Kingdom and the US.