Approved investments in Davao Region down by 40% due to COVID-19

DAVAO CITY (MindaNews / 2 Feb) – The Davao Region registered a total of P4.956 billion in approved investments, which declined by 40% as compared to P8.25 billion reported in 2019.

NEDA-XI Regional Director Maria Lourdes Lim. MindaNews file photo by ANTONIO L. COLINA IV

Maria Lourdes Lim, regional director of the National Economic Development Authority (NEDA)-Davao, said during her presentation on the highlights of Davao Region’s 2020 socioeconomic performance last Friday that the decrease in the Board of Investment (BOI)-approved investment pledges was blamed on the impact of the coronavirus disease (COVID-19).

The global pandemic severely affected the economy due to the community quarantine measures imposed to avoid the spread of the infection in the region. The region comprises the provinces of Davao del Norte, Davao del Sur, Davao Occidental, Davao Oriental, Davao de Oro, and chartered Davao City.

She said these new investments comprised nine projects covering manufacturing, real estate, agriculture, forestry and fishing, accommodation, and food service activities, administrative and support services activities.

Out of the nine, she said that six are fully-owned by Filipino investors, one is fully-owned by American, and the rest are a mix of Filipino, Chinese, and British ownership.

Five of these projects are located in Davao City, two in Davao del Norte, and one each in Davao del Sur and Davao Oriental.

These projects are expected to generate a total of 2,298 jobs, Lim said.

Despite the setbacks brought about by the pandemic, she said that the business outlook of the Department of Trade and Industry remains optimistic for 2021 as the government will continue to implement recovery programs.

“The inflow of foreign direct investments is expected to pick up given a more proactive targeted investment promotions strategy and in enticing foreign investors to relocate to the Philippines to expand their services and products,” Lim said.

She said that the country hopes to draw in investors from Asia-Pacific, Europe, and Americas. (Antonio L. Colina IV / MindaNews)

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