PRIME PHILIPPINES

Businessmen urged to invest in Marawi

Jennie P. Arado | Sunstar • January 23, 2018

WITH the rebuilding of Marawi City, businessmen especially in the construction, hotel, and food and retail sectors are encouraged to invest in the city as these are much needed as supported by the current business opportunities declared by the local government unit (LGU) of Marawi City.

Yesterday, January 23, during the Mindanao Business Briefing done at the Seda Abreeza Hotel, Prime Philippines Founder and Managing Director Jet Yu shared how their visit to Marawi City, together with his team, had given them the clearer perspective of the city especially as far as rebuilding the business sector in the city is concerned.

The latest decision made was for Sagonsongan, Marawi City to be made the center of development. Sagonsongan is 3.5 kilometers away from the main battleground of Marawi. This is also currently where the 3,000 houses are being built. The area is foreseen to be the next commercial district of Marawi City to replace the currently war-torn portion of the city. 

“There’s a need for a lot of construction materials, trade centers such as marketplace, hardware, outlets, and department stores. During our successful visit, we were able to consummate a partnership with an investor who is willing to invest in building up a department store in Marawi to supply household supply and clothing. For the hotel sector, the local government is also looking for budget hotels with function rooms that can house about 300 to 500 people. Again, with at least $3 trillion market worldwide, halal-certified food processing plant is something the local government is also looking for in Marawi,” said Yu.

Specifically, the budget hotels that can house 300 to 500 people is in demand for community events such as weddings. The LGU of Marawi City is also looking for interested investors to put up residential units such as a single-detached mass housing, however their current priority leans towards donations.

Before the siege, about 45 percent of the population get their income from trading, 40 percent from agriculture, and only about 15 percent are employed. 

Source: https://www.sunstar.com.ph/article/415362/

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