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select to_char(:P1_ITEM, 'your-format-mask') from dual
You can then use the second hidden item as the source of your HTML region.
You may consider using the items post calculation computation setting:
Enter a SQL or PL/SQL expression or PL/SQL function '<function-name>;' to refine the value of the item.For example, if this item is named P1_X, you could use post calculation expressions such as UPPER(:P1_X), INITCAP(:P2_Y), MIN(:P1_X,:P2_Y-200), NVL(:P1_X,:P2_Y), or a function call such as my_func(:P1_X); to set the final value of the item.
Note that these examples demonstrate that the expressions can reference the current item, or they may reference any other item in session state.