DAVAO CITY -- The city's potential business opportunities make this prime city of the south a top investment destination, an official said Wednesday during the Malaysia-Philippines Business Forum here.
Christian Cambaya, head of the Investors Assistance Servicing Office of the Davao City Investment and Promotion Center (DCIPC), said the city's business climate has experienced steady growth and the right mix of business requisites and inputs in the city that assure investors of healthy returns.
Cambaya said this city offers unparalleled opportunities when it comes to investments.
"The unprecedented economic growth has positioned the city to bigger investments and possibilities for the investors to explore given the constant urban development projects, outstanding security programs, and favorable business climate," the DCIPC chief said.
DCIPC records show that the number of registered businesses and total capitalization in the city has increased to over 26 percent. The 2nd quarter data of 2019 also showed that business applications reached 36,325 with a total capitalization of PHP283 billion.
The metrics, he said, indicate a strong development in terms of economic growth.
"There is always an increase in the number of new business establishments every year, which is a good sign, as it projects the development of the city," he said.
Cambaya also said that this city is one of the areas in the Philippines that have good trading activities across the globe, reaching top export destinations such as Japan, China, and South Korea.
He added that other top export destinations include Hong Kong, the United States of America, Netherlands, Malaysia, the United Arab Emirates, Iran, and Spain.
"In Southeast Asia, we have Malaysia as among our top trading and export destination, he said.
"In order to make our city a preferred investment site, the amendments to the Davao City Investment Code has been approved last September 2019 by the City Council on preferred investment areas, incentive packages to potential investors, and new investment sub-activities," he said.
Among the preferred areas, he said, are agribusiness, tourism-related facilities, light manufacturing and assembly, property development, health and wellness, and educational and sports facilities.
Meanwhile, Cambaya said peace and security remain essential to economic and social growth as well as business continuity and longevity in the city.
He said Davao City has been consistently recognized as one of the safest cities in the world citing data of monthly crime rate at 2.5 per 100,000 population, which is considerably low in a highly urbanized city.
The city is also among the country's top 10 cities recognized for ease in doing business and for having a business-friendly environment, he said. (PNA)
