Foreign investments in Davao Region down by 97.6% amid COVID-19

DAVAO CITY  (MindaNews / 04 June) — Approved foreign investments in Davao Region for the first quarter of 2020 decreased by 97.6% amid the coronavirus disease  (COVID-19) pandemic, according to the Philippines Statistics Authority (PSA).

Based on the data released by the PSA, the region, considered the gateway of Mindanao, reported that fresh foreign investments that entered from January to March 2020 totaled only P4.6 million from P189.5 million recorded in the same period of 2019.

Map of Davao Region. Image courtesy of NEDA

The Davao Region, composed of the provinces of Davao de Oro, Davao del Norte, Davao del Sur, Davao Occidental and Davao Oriental and the cities of Davao, Panabo, Samal, Tagum, Digos and Mati, recorded foreign investments of P1.823 billion last year.

Meanwhile, the foreign investments in the Soccsksargen skyrocketed to P3.416 billion in the first quarter this year against P87.3 million in the same period in 2019.

Overall foreign investments approved in the country for the first quarter of 2020 reached P29.4 billion, 36.2 percent lower compared with P46.0 billion in the same period in 2019.

Records o the foreign investments were culled from the reports of the Board of Investments, Clark Development Corporation, Philippine Economic Zone Authority, Subic Bay Metropolitan Authority, Authority of the Freeport Area of Bataan, and Cagayan Economic Zone Authority.

There was no data provided for Northern Mindanao and Bangsamoro Autonomous Region in Muslim Mindanao. (Antonio L. Colina IV / MindaNews)