DAVAO CITY – The Davao City Investment and Promotion Center (DCIPC) has recorded P270 billion total capitalization of investments in Davao City last year.
The total capitalization indicated an increase from 2016 with PhP230 billion, said DCIPC chief Lemuel Ortonio.
Based on the records of the city’s Business Bureau record, Ortonio said there were 40,400 registered establishments in the city; although this still needs further validation to include the fourth quarter data.
He attributed the increase to the city’s improved streamlined business processing system, investor confidence, better peace and order situation, and President Rodrigo Duterte, who continues to draw investors to Davao City being his hometown.
Also in 2017, Ortonio reported DCIPC approved six projects that were granted business and tax incentives.
These projects with total investments of P12.9 billion include two feedmills (aquatic and animal feed) of the Davao South Feedmill Company, the Apo Highlands Subdivision and Alteza Grande by Primeland Properties, the Apo Agua Infrastructura, and the Davao Therma Biotech Corporation for a biodegradable waste fertilizer facility.
Ortonio is bullish on increasing trend this year banking on the continued interest for some non-Davao companies, both new businesses and expansions, to locate here.
DCIPC has projected a five percent increase based on the average growth in the past five years starting 2012 to 2016.
"We have very good climate on investment and we foresee entry of more businesses on agriculture which is one of Davao City's top industries and also on tourism with more business parks and specialized health facilities," he said.
DCIPC also identified possible needs of the city for have more medical facilities as possible areas for investments.
Ortonio said there are already investors complying with the requirements for the fiscal incentive application which is expected to be in during the first quarter.
The projects involved an expansion of a medical facility in the south and two boutique hotels, he said.
Even with a good projection in 2018, Ortonio said the city will continue reaching out to possible markets.
There is one international mission in Malaysia and Singapore in the 3rd quarter of the year similar to the 2017 mission in Japan. This is to support direct flight to Kuala Lumpur and sustain the Singapore-Davao route.
There is also local road show which would involve visits to embassies and diplomatic offices in Manila to spread information on the opportunities in Davao and to show an aggressive marketing to draw more investors. This will also be complemented with meetings with foreign chambers of commerce in Manila.
The city officials will also meet with the Center for International Trade Exposition and Mission (CITEM) organizers for participation in events with international exposure. This will be a platform to hold briefings and presentation of business and economic activities to investors.
DCIPC is also eyeing the tourism road show this year to establish direct flights in Davao City. (Digna D. Banzon/PNA)
