Manila: Local governments in Northern Mindanao are hoping for a boost in local investments from neighboring provinces of the island as it opens the three-day Mindanao Business Conference (MinBizCon) here on Tuesday.
According to Philippines News Agency, the 35th MinBizCon, hosted by the Cagayan de Oro Chamber of Commerce and Industry Foundation Inc. (Oro Chamber), in partnership with the Philippine Chamber of Commerce and Industry (PCCI) and the city government, is expected to attract between 800 and 1,200 delegates, including representatives from the international business community.
In an interview, Jienjien Tanquion, representative of the Tourism Office of Malaybalay City, said it brought its products and services to MinBizCon to showcase the work of its local traders to visitors and potential investors. "This is not only to help boost our tourism, but our city is also ready for big investors, and the local government can provide potential incentives for investing with us," she said.
Notable at the conference opening were displays from micro, small, and medium enterprises (MSMEs), curated by the respective local and provincial governments across Mindanao. MSMEs account for 97 percent of businesses in the country.
Throughout the conference, the local government here will also launch the Investment Action Center (IAC), a facility that acts as a streamlined one-stop shop designed to accelerate and simplify the processing of new investors' projects within the city. The IAC is a digital dashboard developed in partnership with the Department of Trade and Industry (DTI)-10, designed to provide prospective investors with access to official data for real-time investment assessment.
Financial institutions, including SB Corp., LandBank, China Bank, and the Development Bank of the Philippines, are present on-site to assist MSMEs in securing capital financing ranging from PHP300,000 up to PHP3 million. Businesses that have been operating for at least one year may apply for SB Corp. financing, subject to assessment and approval.
At the end of the conference, the business sector in Mindanao will sign a unified policy agenda intended for President Ferdinand R. Marcos Jr., which will be presented in October's Philippine Business Conference. The President has been invited to grace the closing ceremonies on Aug. 13, continuing the tradition of previous Philippine presidents attending the event. High on the list of policy priorities are the Mindanao Railway System and lowering the high cost of electricity on the island, as electricity constitutes 30 percent of the total cost of manufacturing.
The conference is held under the theme "Accelerating Inclusive Growth for Business Through Innovation and Sustainability: Bridging the Gap, Scaling the Future".
