NEW INVESTMENT. The Cagayan de Oro City government on Thursday (Oct. 5, 2023) reports that it obtained a fresh PHP8-billion worth of investments from various business entities during the Investors Forum in Mandaluyong City. John Asuncion (center), head of the Cagayan de Oro City Trade and Investments Promotions Center, and lawyer Hilario Roy Raagas (left), the city administrator, answered questions from the media on the sidelines of the forum. (PNA photo by Nef Luczon)
CAGAYAN DE ORO CITY – Some PHP8 billion worth of fresh investments are to pour into this city following an investors' forum in Mandaluyong City Thursday.
John Asuncion, chief of the City's Trade and Investments Promotions Center, said the letters of investments (LOIs) received from Investors Forum are on top of the commitments obtained by the local government this year worth PHP60 billion.
"We have to talk to these investors and identify their needs and conduct other assessments, but all of these are welcome developments," Asuncion said.
He said the LOIs received during the Mandaluyong City event consisted of a mall, a convention center, a public market, and a transportation terminal. The event was organized by the city government, the Cagayan de Oro City Chamber of Commerce, and the Misamis Oriental provincial government
The new investment proposals came after the local government unveiled the PHP100-billion development plan, "The New City," which Asuncion said will be established in the uptown area here.
The plan will cover 60 hectares of public lands with four phases dedicated to residential communities, and four areas for commercial or mixed-used properties.
Seal of Good Governance
Meanwhile, Mayor Rolando Uy led the presentation Thursday of the local government's credentials and documentation during the assessment for the Seal of Good Local Governance (SGLG).
Uy said more than the distinction it brings, the SGLG program is a powerful motivator for local governments to strive for excellence in serving their constituents.
"By recognizing and rewarding outstanding performance, we provide LGUs (local government units) with an incentive and recognition they deserve in playing a vital role in local development," he said.
The SGLG is awarded to local governments based on their performance in key governance areas like financial housekeeping, disaster preparedness, social protection for basic sectors, environmental management, business friendliness and competitiveness, and law and order and public safety. (PNA)
