Davao City investments up 16% in Q3

DAVAO CITY — Things are looking up anew for Davao City as investments continue to pour into this southern metropolis, considered the leading growth center in this part of the country.

Roberto Teo, chief of the Davao City Investment Promotion Center, said the city registered a 16 percent increase in investments in the third quarter amounting to P1.747 billion compared to P1.506 billion during the same period last year.

The infusion of new investments further boosted Davao City’s claim as the investment, commercial, tourism, medical and educational center of the South.

The defunct Asiaweek had cited Davao City as one of the "top 20 livable cities" in Asia, even topping Cebu, the only other Philippine city included in the list.

Teo said the new investments from January to August were P23.655 million short of achieving this year’s investment target of P1.771 billion.

He said the fresh investments are expected to generate 1,333 direct jobs, a 19.87 percent increase from the 1,112 jobs generated during the comparable period.

With the city’s largely agriculture-based economy, the agri-business sector generates the most employment, with more than 800 jobs available.

Transshipment is the major investment area with P1-billion capitalization, followed by property development and agri-business with P433.157 million and P312.627 million, respectively.

Teo attributed the continued inflow of investments to the development thrusts of Mayor Rodrigo Duterte in making Davao the most peaceful city in the country, thus conducive as an investment haven.

Duterte has been known for his no-nonsense campaign against criminality, making the city secure for investors.

Another factor is the DCIPC’s vigorous campaign to promote the city in various international fora and investment conferences.

The incentives granted by the city government under City Ordinance 2269, Series of 1994 also helped lure prospective investors, giving them ample tax holidays that would make their operations here more viable and feasible.