CAGAYAN DE ORO CITY—While Northern Mindanao continues to be the dominant economy in Southern Philippines during the first quarter of this year, with a 12.4-percent growth, or P11.65 billion, investments in the region, however, decreased during the first quarter, the National Economic and Development Authority (Neda-10)  office in the region said.

Total investment in the region during the first quarter was only P958.63 million, lower by 6 percent to the same period last year of P1.021 billion, Neda-10 said in its First Quarter Regional Economic Situationer.

Of Northern Mindanao’s total investments of P958.63 million, P372.01 million came from under Business Name Registrations; P146.56 million from local government units  investment initiatives; P125 million from eco-zones; P44.50 million from banks; P26.53 million from small and medium enterprises, cluster and one-town, one-product projects; P10.59 million from financing; and P233.44 million from other multisources investments.

Most of the investments in the region were classified under infrastructure and services, servicing sector, trading and agri-based investments.

However, the overall regional investment performance was pulled down by Bukidnon, whose P156.14-million investment in the first quarter was P355 million lower than last year’s P511.18 million.

While Bukidnon registered the lowest in investment performance, Lanao del Norte reported the highest, with 37 percent of the region’s total, or P356.11 million.

Most of the investments in Lanao del Norte, ably steered to growth and development by its young chief executive, Gov. Khalid Dimaporo, went to infrastructure and services-service and trading sectors, particularly the various rehabilitation and expansion projects of a leading cement company based in Iligan City.

Lanao del Norte’s investment performance last year was only P250.41 million.

The province of Misamis Oriental placed second to Lanao del Norte in the regional investment performance, with P234.59 million during the first quarter, compared to last year’s P113.63 million.

Fifty-three percent (53 percent ) of the province’s investments were attributed to the establishment of a facility that undertakes inspection of container vans at the Phividec Industrial Estate in the municipalities of Tagoloan and Villanueva; while 43 percent came from business-name registration.

Placing third in the regional investment performance during the first quarter was Misamis Occidental, which recorded a P151.12-million investments compared to last year’s P117.56 million.

Most of the investments in Misamis Occidental were on general merchandising services, real estate, fueling station, poultry and distribution centers.

Camiguin came in fourth in the regional investment performance, with a P60.66-million investments, or a 6.33-percent increase, to last year’s P28.67 million.(Written by Bong D. Fabe, Business Mirror.)