Northern Mindanao upbeat on investments in 2016
By Staff Writer
Feb 23, 2016 10:46 PM EST
Feb 23, 2016 10:46 PM EST
With successful completion of infrastructure projects, Northern Mindanao is expected to receive more funds this year. The Department of Public Works and Highways completed 94.38 percent of the projects in 2015. The restoration of peace in the region will also further enhance the investment potential.
Northern Mindanao is a region in the Philippines and has five provinces. The Department of Public Works and Highways (DPWH) R-10 is anticipating an encouraging inflow of investments into the region in 2016. Over 717 infrastructure projects involving PHP18.7 billion investments have been completed early this year.
Business World Online reports that DPWH has implemented 39 projects including the preservation of national roads. Other projects include 41 road network development projects, 23 road upgrades, 68 bridge construction and maintenance projects, 17 flood management services works, 12 water supply and rainwater collector points and 512 other infrastructure projects.
Evelyn T. Barroso, Director, DPWH, said out of 875 projects, 717 projects involving PHP 18.7 billion of investment have been completed. The completion of infrastructure projects was 94.38 percent. DPWH hopes that the successful completion will enhance the investment potential of Northern Mindanao.
The construction works on remaining 156 projects are in progress and will be completed during the first half of 2016. Northern Mindanao may get a major chunk of infrastructure budget allocation by DPWH for 2016. Northern Mindanao will get PHP 30.14 billion budget support for this year. After the completion of 717 infrastructure projects, DPWH region 10 emerged as best performing among 17 DPWH regional offices nationwide, according to Official Gazette, Government of Philippines.
Northern Mindanao will lead other regions in DPWH's budget allocations. Central Luzon (Region 3) may get PHP 25.21 billion; Southern Tagalog (Region 4-A) to get PHP 21.28 billion; Eastern Visayas (Region 8) to receive PHP 20.68 billion; and National Capital Region to get PHP 19.7 billion.
Meanwhile, the Regional Board of Investments in the Autonomous Region in Muslim Mindanao (RBOI-ARMM) is also hoping to attract more investments during 2016. Led by its Chairperson Atty Ishak Mastura, RBOI-ARMM is targeting PHP 900 million investments and creation of 900 new jobs in 2016. Based on the performance in 2015, the agency has drawn up investment plans on conservative mode, according to PIA (Philippines Information Agency Northern Mindanao).
RBOI-ARMM posted Peso 6.5 billion new projects in 2015. It was much higher than the original investment target of PHP 700 million made early 2015.The government is also implementing good governance measures in ARMM administration.
DPWH is planning for early procurement of projects under 2016 General Appropriations Act ensuring timely availability of funds. The budget of DPWH was Peso 303.2 billion for 2015. ARMM recorded best performance in 2015 as it attracted highest investment inflow in 26 years. The ongoing efforts to restoration of peace in the region is expected to boost investors' confidence.
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