Central Visayas investments jump to P12B in first quarter

Investments in Central Visayas registered with the Board of Investment (BOI) Cebu extension office jumped a hundredfold to P12.23 billion in the first quarter this year compared to the P120 million registered in the same period last year.

South Western Cement Corp. contributed the bulk of the total investment at P12.14 billion, according to BOI records.

The proposed cement plant, which will be located in the southwestern Cebu town of Malabuyoc, is a fully integrated cement project that will have its own quarry.

Its commercial operation is expected to begin in 2011, with a production capacity of 1.6 million metric tons of cement per year or 39.16 million bags per year.

The other new projects that registered with the BOI-Cebu are Firm Builders Realty Development Corp. (FBRDC), with an investment of P41.5 million, Platinum Premium Seafood Products Inc. with P38.6 million and Fashion Accessories 4 U Corp. with P10.42 million.

The new businesses that came from fashion jewelry, processed fish products and cement are located in Cebu.

FBRDC, which is into mass housing projects, is in Oriental Negros.

The firms, which secured the BOI’s approval, will enjoy incentives, such as income tax holidays, tax and customs duty exemptions on capital equipment and spare parts and net operating loss carryover.

Meanwhile, the data also showed that the employment to be generated by the companies total 670.

The figure represents a 200 percent jump from the 219 jobs created in the first quarter of last year. (PNA)