Davao Region sees more investments in 2023

The Davao Region. Map courtesy of Google

DAVAO CITY (MindaNews / 30 December) – Investments in Davao Region are expected to increase in 2023 as global, national, and local economies fast-track recovery efforts from the crippling effects of the COVID-19 pandemic, according to National Economic Development Authority (NEDA)-Davao.

NEDA-Davao director Maria Lourdes Lim, in her report on the Davao Region’s 2022 Socioeconomic Performance and Development Outlook for 2023 released on Friday, said the agency is anticipating an uptick in investments in the region, owing to efforts that are being undertaken to reverse the impact of the pandemic.

Lim said major developments that would boost investments include Regional Development Council (RDC) 11’s declaration of Davao Region as a Tourism and Investment-Ready Destination, efforts to position the region as an international logistics hub, and the current program of the government to strengthen local public-private partnerships.

“This would facilitate even more investments in Davao Region,” she said.

She said Filipino and foreign investments registered with the Board of Investments reached P6.2 billion for the first three quarters of 2022 from P2.4 billion recorded for the same period of last year.

Lim added that these new projects were registered in industries, electricity/gas, steel, and air-conditioning supply; administrative and support service activities; manufacturing, agriculture, forestry and fisheries; transportation and storage; and real estate activities.

She said these are located in Governor Generoso and Mati in Davao Oriental; Santo Tomas, Carmen, and Panabo City in Davao del Norte; Santa Cruz in Davao del Sur; and Davao City.

She said micro, small, and medium enterprises (MSMEs) are expected to “fully recover and thrive” amid efforts of the government prioritizing this sector in recognition of their contribution to “post-pandemic economic regeneration, job creation and poverty reduction.”

She said MSMEs assisted by the Department of Trade and Industry in terms of loan facilitation increased by 39 percent in 2022, from 596 for the first three quarters of last year to 827 as of the third quarter this year.

From January to October this year, Lim reported that the amount of loans extended to MSMEs amounted to P61.7 million, increasing by 29 percent compared to P47.856 million for the same period in 2021.

She said the Davao Region Development Plan (DRDP) 2023-2028, the development blueprint of this region, “will prioritize the transformation and modernization of the Agriculture, forestry and fisheries sector” to achieve resiliency from future shocks.

“With lessons learned from the pandemic, Davao Region recognizes the importance of a resilient agri food system,” she said.

She added that under the DRDP the region will push for science and technology and innovation-driven industrialization towards generating more quality jobs and competitive products. (Antonio L. Colina IV/MindaNews)