CAGAYAN DE ORO CITY (PIA)–The Strategic Investment Priority Plan (SIPP) Roadshow reinforces our commitment to build back a better Philippines by strengthening our trade and investment of our region, northern Mindanao, said an official of the Department of Trade and Industry (DTI)-10.
Ermedio J. Abang, regional director of DTI-10, shared during the SIPP Roadshow how the Board of Investments (BOI) plays a vital role in leading the country’s industry development by promoting investments and administering incentives for strategic investments projects.
“For the last two years, we have experienced how COVID-19 pandemic affected the world economy. We have also seen the resiliency of every Filipino in our road to economic recovery,” he said.
He further shared that Region 10 remained to be the largest regional economy in the island of Mindanao where investment opportunities abound as the region is strategically located and physically linked to all regions in the island through a network of roads.
Region 10 is the 7th biggest contributor of the Philippine economy being the leading agricultural producer in Mindanao. It has also remained as the 7th biggest regional economy with a share of 4.7% to the total Philippine economy in terms of Gross Domestic Product (GDP), he said.
Meanwhile, National Economic Development Authority (NEDA) Regional Director Mylah Faye Aurora Cariño shared that throughout the pandemic, investments continue to pour into the region.
In the DTI monitored investments 2021 data, there was an increase of 26,000 more establishments opened and an increase in the volume of investments.
“So where are they investing? For one, wholesale and retail trade and another in accommodation and food service activities. You would think that people would be discouraged in service and accommodation but no. They are investing in accommodation. They are investing in food,” Cariño said. (JMOR/PIA-10)
Ermedio J. Abang, regional director of the Department of Trade and Industry-10, shares during the Strategic Investment Priority Plan (SIPP) Roadshow, July 26, here, how the Board of Investments (BOI) plays a vital role in leading the country’s industry development by promoting investments and administering incentives for strategic investments projects. (ZRD/PIA-10)