Foreign investments up 44% in Davao Region

DAVAO CITY – The Davao Region registered a total of R381.5 billion in approved foreign investments for the first half of 2018, which was 44 percent higher compared to the R265 billion reported in the same period a year ago, data from the Philippine Statistics Authority (PSA) showed.

National Economic Development Authority (NEDA) Region 11 Director Maria Lourdes Lim said the upsurge in foreign investments showed the region has remained a preferred investment destination.

“We are elated that investments increased that much. It means that Davao Region is very attractive place for business,” she said.

The top prospective foreign investors for the first semester came from Indonesia with pledges worth R6.4 billion; Japan, R13 billion; America, R4.5 billion; Malaysia, R6 billion; and Singapore, R2 billion

Lim added that they expect more foreign investments to enter the region following the signing last May 28 of the Republic Act No. 11032 or the Ease of Doing Business and Efficient Government Service Delivery Act.

An amendment of the Anti-Red Tape Act of 2007, the law seeks to make the process of putting up and running a business in the Philippines easier and more efficient.

The law standardizes the processing time for transactions of business entities with government – three days for simple, seven days for complex, and 20 days for highly technical trans- actions.

It also limits to a maximum of three the number of signatories for applications for licenses, clearances, permits, certifications, and authorizations.

She said the law would allow local government units to facilitate immediately the issuance of business permits to potential investors.

“Davao region offers a lot of investment possibilities and we are happy bringing in investments,” she said.

Department of Trade and Industry (DTI) Region 11 Director Maria Belenda Q. Ambi said it helped that local government units are aggressively promoting the investment potentials of the region.

“There are more investments coming in that are registered right now with Board of Investments. Hope we can maintain the attractiveness of the region over the next period,” she added.

The PSA reported foreign investments that entered the country for the first half of the year reached R45.2 billion or 10 percent higher compared to R41 billion recorded in the same period a year ago.

The country’s foreign investments doubled in the second quarter of 2018 hitting R30.9 billion from R14.2 billion in the first quarter.