CDO Business News

Traders welcome Lucio Tan factory


THE local business sector welcomed yesterday the announcement of business tycoon Lucio Tan to put up a P250 million soft-drink facility in Cagayan de Oro, on top of additional P1 billion expansion of Asia Brewery bottling company in the Misamis Oriental town of El Salvador.

Tan announced his company's P1.2 billion investment in the region during the three-day 15th Mindanao Business Conference (MBC) held in Zamboanga City late last week.

Ruben Vegafria, Cagayan de Oro Chamber of Commerce adn Industry Inc. president, said additional infusion of capital investments to the city--and to the region in general--will "translate to more employment opportunities and reinforce the bullish outlook on economy in this part of the countrty."

Vegafria who also attended the MBC summit--an annual gathering of Mindanao's business chambers to outline the island's trade programs and advocacies--said Tan made the commitment in a speech to the MBC plenary.
He was invited as keynote speaker, in which he delivered a talk entitled:"Investing in Mindanao: A testimony."
In the summit, the Oro Chamber president said businessmen made a collective appeal to the national leadership to give emphasis on the island's infrastructure development and "prioritize Mindanao's business agenda."

Assessing the presentations of various groups on Mindanao's business climate, Vegafria described the island's economy as "bullish and constantly growing--now at a faster pace."

In Cagayan de Oro, he noted Mayor Vicente Emano's disclosure last weekend that a Korean company is planing to put up a $750 dollars glass factory.

Although the plans are still in the "pipeline," Vegafria said the project would "put Cagayan de Oro in the roadmap for international investments."