Increased investments in Davao, Mindanao due to international attention – Mayor Sara

DAVAO CITY (MindaNews / 22 March) – The “substantive international attention” given to Davao City and Mindanao paved the way for increased investment inflows here, Mayor Sara Duterte said.

In a message read by Davao City Investment Promotions officer-in-charge Lemuel Ortonio during the 2018 Taiwan Trade and Investment Delegation to the Philippines at the Marco Polo Davao Thursday, Duterte recognized the role of the investors in driving the growth of the economy.

She said that the city recorded a total of 40, 499 businesses with a total capitalization worth P270 billion in 2017, which surpassed the 39,238 businesses worth P230.83 billion listed in 2016. She said they expect the positive trend to continue this year.

“The substantive international attention Davao City and Mindanao have been receiving the past two years have led to inroads in both private and public investments in the country, and your presence here today is an affirmation of Davao’s position in the nation’s journey towards socio-economic development,” Duterte said.

The mayor hopes that the business matching activity will open more opportunities for both the Dabawenyo and Taiwanese entrepreneurs that will result in greater public benefit and improve trade relations between the Philippines and Taiwan. The event was organized by Bureau of Foreign Trade of Taiwan’s Ministry of Economic Affairs and Taiwan External Trade Development Council.

The local chief executive promoted the 10 preferred investment areas of the city ­– agribusiness; 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.

“We continuously strive to be a business-friendly city,” she said, adding that the local government provides local incentives of two years business tax and three years real property tax exemption to investments falling under the 10 preferred investment areas.

Duterte told the Taiwanese investors that investing in the city will give them access to sources of raw materials, human resources, and competitive cost of doing business, as she likewise urged local entrepreneurs to take advantage of the “opportunity and learn how you can grow your business together with the Taiwanese delegation.”

“The right mix of business requisites and inputs in Davao City assure investors of healthy returns. Not only that, we assure you the safety of your investments in the city as Davao City’s crime volume remains among the lowest in the country,” she said.

Duterte said the city takes pride in being the third most competitive highly urbanized city in the country. The city’s economy accounts for more than70 percent of the Davao Region’s gross regional domestic product.

“In the past three years since 2014, the city’s growing economy continues to indicate a strong performance in both trading and investments,” she stressed. (Antonio L. Colina IV / MindaNews)