Booming Albay eyes investment influx

By Sally Altea

LEGAZPI CITY --- The province of Albay has made a significant leap in an index that gauged the capacity of a local government unit to compete in various aspects of governance that could attract national and international investments.

The results of the 2023 Cities and Municipalities Competitiveness Index (CMCI) by the National Competitive Council (NCC) released last August 23 revealed that Albay was ranked 9th out of the 72 provinces in the country, marking an improvement from 15th place in 2022 and 11th place in 2023.

Albay’s revenue also grew to P 6.9 billion this year, up from P 6.4 billion in 2023 and P 4.2 billion in 2022.

Jaymee Florence Ribaya, the local economic development and investment promotion (LEDIP) officer of the provincial government, emphasized that Albay’s top 10 ranking reflects the province’s readiness and strong performance across five key areas: economic dynamism, government efficiency, infrastructure, resiliency, and innovation.

“It’s a great honor for Albay to be ranked 9th among leading provinces. Our strong performance in these indicators shows that Albay is prepared to welcome more businesses and investors,” Ribaya said.

According to the CMCI portal, provincial rankings are determined by the combined scores on these five pillars, with rankings influenced by the population and weighted income averages of the provinces and municipalities.

Ribaya highlighted Albay’s strategic location, developed infrastructure, and rich natural resources as key factors driving its economic growth and attractiveness for investment.

“Albay is an excellent location for business. We have recently opened Pantao Port and have established existing ports in Tabaco and Legazpi to facilitate the smooth transport of goods. We also offer valuable raw materials like abaca and coconut,” she added.

Dindo Nabol, Regional Director of the Department of Trade and Industry (DTI) Region 5, commended Albay’s ranking and saw it as a promising opportunity for investors.

“Being the 9th most competitive province, Albay will now be among the areas for priorities of investors seeking potential opportunities. The rankings will be an important consideration for investment decisions,” he said.

Nabol assured that the DTI is ready to support potential investors.

“We invite you to invest in Albay. Should you choose to invest, you are in good hands. The DTI is committed to assisting you from initial planning to realizing your investment,” he concluded. (PIA5/Albay)

DTI Region 5 Director Dindo Nabol noted Albay’s improved ranking in the 2024 CMCI as a promising opportunity for potential investors. (Photo from Albay LEDIPO)