DAVAO CITY (MindaNews/ 11 September) – Davao Region registered a total of P381.5 billion in approved foreign investments for the first half of 2018, 44% higher compared to P265 billion reported in the same period last year, data from the Philippine Statistics Authority showed.
National Economic Development Authority 11 director Maria Lourdes Lim said the increase showed the region has remained a preferred investment destination.
“We are elated that investments increased that much. It means that Davao Region is very attractive place for business,” she said.
Lim added they expect more foreign investments to enter the region following the signing last May 28 of the Republic Act No. 11032 or the Ease of Doing Business and Efficient Government Service Delivery Act.
An amendment of the Anti-Red Tape Act of 2007, the law seeks to make the process of putting up and running a business in the Philippines easier and more efficient.
The law standardizes the processing time for transactions of business entities with government – three days for simple, seven days for complex, and 20 days for highly technical transactions.
It also limits to a maximum of three the number of signatories for applications for licenses, clearances, permits, certifications, and authorizations.
She said the law would allow local government units to expedite the issuance of business permits to potential investors.
“Davao region offers a lot of investment possibilities and we are happy bringing in investments,” she said.
Department of Trade and Industry 11 director Maria Belenda Q. Ambi said it helped that local government units are aggressively promoting the investment potentials of the region.
“There are more investments coming in that are registered right now with Board of Investments. Hope we can maintain the attractiveness of the region over the next period,” she added.
The PSA reported foreign investments that entered the country for the first half of the year reached P45.2 billion or 10% higher compared to P41 billion recorded in the same period last year.
The country’s foreign investments doubled in the second quarter of 2018 hitting P30.9 billion from P14.2 billion in the first quarter.
The top prospective foreign investors for the first semester came from Indonesia with pledges worth P6.4 billion; Japan, P13 billion; America, P4.5 billion; Malaysia, P6 billion; and Singapore, P2 billion.
The PSA said manufacturing registered the largest chunk of the total foreign investments in the second quarter of 2018 valued at P12.8 billion or 41.5% of the total investment commitments; construction at second with investment pledges valued at P7.1 billion; and administrative and support service activities followed at P5.4 billion.
But the biggest approved foreign investments in the second quarter of 2018 were in the National Capital Region worth P12.9 billion; Calabarzon, P8 billion; Central Luzon, P4.3 billion; Central Visayas, P2 billion; and Bicol Region, P878.5 million.
In Mindanao, the report only indicated investment pledges in Davao Region (P365 million) and Caraga (P26.4 million) for the second quarter of the year. (Antonio L. Colina IV/MindaNews)