PALO, Leyte – the Department of Trade and Industry (DTI) regional office yesterday reported that investments in Eastern Visayas last year had reach P8.12 B, which was very much higher than the P22.28 million total investments in 2003.

Cynthia Nierras, regional director of DTI Eastern Visayas, disclosed in an interview with Leyte Samar Daily Express that the accomplishment is 1, 104 percent higher than the region’s P736.30 million annual target.

“This can be considered as extraordinary. This accomplishment resulted to the generation of 16, 591 employment,” Nierras said.

For year 2004, there were 7, 225 business names registered by DTI, wherein 5, 900 were original applications and 1, 325 were for renewal.

The high accomplishment, according to her, can be attributed to the expansion of Bayan Tel company in northern Samar, which added more than P6 billion. Globelines, its close competitor, has also expanded their operation in other parts of the region.

Nierras added that also contributing big was the establishment of four-storey Uptown Mall in Borongan, Eastern Samar, which has an investment of around P600 million . The big mall also houses hotel and a supermarket.

“Investors have seen the development of some areas in region 8, that’s why they are putting their business her, she explained.

The formulation of some local government units in the region of their respective Investment Codes and implementing rules and regulation has attracted some investors to expand their business to some parts of the region.

“Extending incentives though the Investment Code further boosted and spurred economic development in the region,” she stressed.

For this year, Nierras has also projected a high investment in Leyte with the start of American call centers in the newly-completed Leyte Academic Center in this town.

Leyte along with six other provinces in the country will present their proposals within this week to some executives of American call centers in a meeting organized by the Board of Investment of DTI.

In an earlier interview, Leyte Gov. Jercho “Icot” Petilla told Express that the provincial government is confident that Leyte will attract American call centers to choose the province as their area for expansion.

Nierras has high hopes the operation of the 237-hexctare Eastern Visayas Regional Growth Center (EVRGC) would push through, as their office and the Tacloban City local government are classifying with the Philippine Export Zone Authority (PEZA) the requirements for two interested locators in the EVRGC economic zone.

These locators are a Chinese coco coir processing firm and a Malaysian used tire recycling company.

As early as April 1998, EVRGC was declared as a special economic zone. However, its development was delayed due to budget constraint and lack of investors that signified interest to put up their business in the area .

.

.