SAN FERNANDO CITY, La Union (PIA) —The Department of Trade and Industry has facilitated business registrations that contributed to a surge in investments in the Ilocos Region, with P1.529 billion generated in the fourth quarter of 2024.
This marks a significant increase from the P637.17 million reported in the same quarter of 2023.
The figures were published by the National Economic and Development Authority in its 2024 Fourth Quarter Ilocos Regional Economic Situationer, released March 10.
NEDA Region 1 Director Stephanie Christiansen said the year-over-year increase in investments is a direct result of DTI programs supporting micro, small and medium enterprises throughout the region.
“Initiatives such as the Negosyo Centers provided easier access to business registration, advisory services and financing options, providing convenience for entrepreneurs to start and grow their businesses,” Christiansen said.
She added that more than half of the investments in the last quarter came from business registrations, totaling P897 million.
“Incremental investment in leading industries made up the remaining P632 million,” Christiansen added.
These industries focus on high-value crop production, agro-industrial processing, renewable energy like wind and solar power, and hospitality and tourism services, reflecting the strengths and resources of the Ilocos Region.
Pangasinan generated the bulk of investments with P577.67 million, followed by Ilocos Sur with P452.10 million, La Union with P271.34 million and Ilocos Norte with P228.197 million.
“This quarter, investments in every province in the region increased year over year, bringing the region’s total yearly investments up by 140 percent,” Christiansen said.
Investments in Ilocos Norte increased almost fivefold, from P50.72 million in the fourth quarter of 2023.
Investments in La Union and Ilocos Sur quadrupled from the fourth-quarter 2023 figures of P67.975 million and P166.61 million, respectively.
Pangasinan also enjoyed a 68.18 percent increase from the 2023 fourth-quarter figure of P351.860 million.
Maricar Cabiles, owner of Kkang’s Tye Dyes in Bauang, La Union, said during DTI’s “Tungtungan: Trabaho. Negosyo. Konsyumer” program on March 14 that their assistance to MSMEs helps them not only start but also expand their market in the province.
“I am thankful to DTI because they have been able to help MSMEs like me even before, when my market was still weak here in La Union. But when I joined DTI’s programs, they provided great support in making Kkang’s Tye Dyes more known in the province,” Cabiles said.
The surge in investments across the Ilocos Region reflects the growing confidence of businesses in the local economy, driven by government support and ease of doing business. (AMB/CCMT, PIA La Union)
