Davao gets investment pledges worth P3B
DAVAO CITY (MindaNews) – The Davao City Investment Promotions Center (DCIPC) has recorded investment pledges worth P3 billion from different potential investors for this year, an official said.
Christian D. Cambaya, head of DCIPC’s Investor Assistance & Servicing Unit, said during “Wednesdays Media Forum at Habi at Kape” that Davao is off to a good start this year after generating significant investment interests.
He said the investment pledges are from various businesses, which have committed to set up or expand their operations in Davao, particularly in the areas of manufacturing, business process outsourcing (BPO), agribusiness, and health.
He cited that these investment pledges are significant for the local government of Davao, which noted a significant drop in investments since the coronavirus pandemic.
He added that the city recorded investments worth P300 million for last year.
To bolster the city’s bid as an investment haven, Cambaya said that DCIPC would continue conducting tourism and investment roadshows here and abroad to attract more investors and consider Davao as a potential area for their expansion.
He said the agency conducted roadshows in sister cities Sennan and Kitakyushu in Japan, and also in China.
He said they are finalizing plans for similar international roadshows in three countries this year “to promote Davao City as an investment hub and to attract investors and promote creation of employment.”
He said the DCIPC is also tasked to review the Davao City Investment Code, which provides for the preferred investment areas and the non-fiscal and fiscal incentives, including tax holidays.
He said through the review of the investment code, the agency hopes to entice more investors to establish businesses here.
“The Code is rich in information about Davao, what it has to offer to investors, and the tax incentives and tax mechanisms that we are implementing like the real property and business tax, and regulations of the city government,” he said.
He said the local economy of Davao is driven by the services sector, particularly hotels, restaurants, and BPO.
He added that Foundever and Optum, two BPOs based in Manila, expanded to Davao last year.
He said Amazon, a global e-commerce giant, has also expanded its business operations in Davao, hiring a total of 500 virtual assistant customer service associates. (Antonio L. Colina IV/MindaNews)