Local investments in Camarines Sur unperturbed by global financial meltdown -- Villafuerte

PILI, Camarines Sur, Jan. 23 (PNA) —- Gov. Luis Raymund Villafuerte on Wednesday said his province sees no adverse effects on its economy of the global financial crisis and instead it would bring about more investments in Camarines Sur.

The effects of the financial meltdown are imminent and clearly indicated by the steady slide in prices of crude oil in both the world and local markets, but Villafuerte said it offers investment opportunities to the province that is continuously expanding its entrepreneur initiatives.

The governor, himself a noted entrepreneur before joining politics in 2004, said the financial crisis in industrialized economies is triggered by the slowdown in stocks and money market and real estate loans which is hardly felt in the province until now.

"This crisis taking place in the West would expand the domestic outsourcing industry, with foreign companies coming as they find ways to reduce their production cost to lessen its impact to their businesses," Villafuerte said.

He cited the Information Technology Park within the provincial capitol complex here that houses the Sutherland Call Center and is targeting an expansion of 2,000 slots this year, while several Korean prescription firms are also considering to locate at the area.

The provincial government’s digital animation center has also received more work orders from Japan and the United States film studios following the success of “Dayo” and animated Filipino film that captured the “Best Visual Effects” award during the 34th Manila Film Festival last year, Villafuerte said.

The local tourism industry is also expecting more tourist arrivals this year as the provincial government has already lined up major events that would boost the industry and keep hotels, restaurants, malls, resorts and other tourist facilities in the area occupied, he added.

One of these events is the annual International Triathlon Men’s Competition scheduled in the province in August.

Villafuerte said the provincial government, which is the organizer of the event, has already arranged for the hotel accommodation of thousands of visitors, including participants in the competition.

“Wealthy international sports enthusiasts will participate in this competition and this means income and employment for the local service and commodity providers,” he said.

The governor noted that events like these would not only benefit the tourism industry of the province but also of the other tourist destinations across the Bicol Tegion like Albay with its majestic Mt. Mayon, beautiful beaches and other well-known wonders of nature.

Also expected to benefit from the forthcoming events is Donsol, Sorsogon, which is considered the Whale Shark Capital of the World, being sanctuary to the giant sea mammals locally known as butanding that have been attracting thousands of tourist every year, according to Department of Tourism (DoT) regional director for Bicol Maria Ong Ravanilla.

The whale shark season in Donsol is already ongoing and would last until the late part of the year.