Davao Region placed fourth among the regions with the highest worth of investments as approved by the Board of Investments (BOI) as of the first four months of the year.
Data from BOI bared that the combined amount of the approved investments totaled to P14.1 billion, making the region to join the roster of the top five regions in terms on investment approvals in January to April this year.
The frontrunner was Central Luzon while Region IV-A, National Capital Region and Region VI placed second, third and fourth, respectively.
As of the first quarter, among the BOI-approved investments in Davao Region include the P10 billion-bulk water supply project of Apo Agua Infrastructura Inc. and P1 million-coffee production facility of Pistacia Mindanao Coffee Export Inc. (PMCEI).
The project of Apo Agua, for instance, has yet to be set up in Tamugan pending the approval from the Department of Agrarian Reform (DAR) as the site, where the project would be established, needed land conversion.
Cirilo Almario III, general manager of Apo Agua Infrastructura Inc., said the permit from DAR, which would convert the project area from agriculture to industrial site, is vital before they could start the establishment of the facility.
The Tamugan area where the project would be set up is currently classified as a protected and agricultural site. Once the permit is granted, the company will fast-track the establishment of the water facility and start operations by 2021.
“We ensure that we are able to comply like preventing the cutting of trees and establishing infrastructure that is why we have yet to start to construct the bulk water project. It would be a ground for not granting a permit if we already established the project,” Almario said.
Meanwhile, the coffee production facility of PMCEI is in Bansalan, Davao del Sur. The products of the company will be solely exported to Japan.
PMCEI, an 80% owned by Japanese corporation, has established the manufacturing site to produce fermented coffee and cacao beans. The project has a capacity of 2,250 kilograms a year of fermented coffee and 750 kilograms of cacao beans annually.
“The firm will engage in the development of coffee growers and provide technical assistance in terms of growing, sorting and harvesting of coffee,” BOI said in a statement. The company is specializing in the production of high-quality agricultural crops such as coffee and cacao.
“It would provide end-to-end support to smallholder farmers with access to technology and market. Through this innovative business, it will increase and sustain farmers’ yields, income and eventually improve quality of life,” BOI added.