Davao City records 283-B pesos in total capitalization from new businesses

DAVAO CITY (MindaNews / 24 November) — Applications for new and renewal of existing businesses here reached 36,325 with total capitalization of 283 billion pesos as of the second quarter of 2019, an official of the Davao City Investment Promotion Center (DCIPC) said on Sunday.

Christian Cambaya, head of the Investor Assistance and Servicing Unit of the DCIPC, said the efforts of the government to invest in more public infrastructure projects made Davao more enticing to investors, indicating a strong development in the local economy.

“The figures validate our claim Davao City is the country’s top investment destination,” he said.

Davao City skyline. MindaNews file photo by CAROLYN O. ARGUILLAS

Cambaya added the strong collaboration between the local government and the private sector had also improved the ease of doing business in the city.

He added that the local government has seen an uptick in the number of new businesses entering the city.

“There is always an increase in the number of new business establishments, which is a good sign, as it projects the development of the city. This just goes to show that Davao City is conducive to investments, now more than ever,” he added.

He added the local government hopes to attract more investors after the local council passed the amended Davao City Investment Code, which enhanced the provisions on preferred investment areas and the incentive packages offered to potential investors, which cover investments in tourism and recreational facilities; light manufacturing; infrastructure and connectivity; information and communications technology; property development; health and wellness, education, and sports facilities; generation of new sources of energy; and green projects.

He said investment incentives offered here include three-year exemption from business tax, and two-year exemption from real property tax for “new, expansion, and diversification” of those businesses classified under the preferred investment areas.

To spread the development outside the central business district, Cambaya added the local government offers longer period of exemptions for investments in Baguio, Calinan, Marilog, and Paquibato Districts. (Antonio L. Colina IV / MindaNews)