By Sonya Delgado
Davao City has recorded a significant investment boost surpassing its P3 billion investment target 9 months early this year.
Davao City Investment and Promotion Center (DCIPC) reported that the city was able tot generate P3.38 billion pesos in investment in just 9 months.
This is three times the recorded investment of P1 billion in 2023.
Christian Cambaya, DCIPC Investor Assistance Servicing Unit head said the P3 billion was achieved with just 4 projects.
“Our target for the year is P3 billion but we achieved this with just four projects. These are those who applied for incentives through the DCIPC,” he said.
The three investments approved were from Monde Nissin’s capital expansion that amounted to P2.3 billion, Viking Cold Storage with P700 million investment, Golden Senorita Inc. with a P300 million project cost; and VA Professional’s P8 million investment.
Camabaya said all these companies were given incentives by the Davao City Investment Incentive Board (DCIIB) in the form of business sales tax exemption for 3 years, real property tax for 2 years, and Mayor’s permit fees for 3 years.
These incentives are part of Davao City’s strategy to attract investments in key focus areas, including agribusiness, tourism, light manufacturing, health, education, technology, green projects, and inclusive business activities.
Cambaya said the increase in investments is a result of the city’s continued consultation meetings with the business sector, participation in trade shows, and broadcast of services on social media and Internet.
The Davao City government is also continuing to reach out to cities that can potentially become its sister cities, which can also bring in more investments similar to the P24-billion steel mill plant that was brought in by the 2018 sisterhood agreement with Jinjiang, China.