Business News

P5.1 INVESTMENT IN DAVAO CITY IN 2009

FLOIRENDO-AYALA CONSORTIUM IS TOP INVESTOR


Davao City raked P5.1 billion worth of investments registered with the Davao City Investment and Promotion Center (DCIPC) in 2009, or 256 percent growth from previous year.

DCIPC officer-in-charge Jason Magnaye, during the Davao City Business Forum, said last year’s investment growth was the highest in years.

Magnaye said the growth was largely driven by the property development sector.

For the last three years, the property development sector accounted 83 percent share.

From 1995 to 2009, it contributed 61 percent share from among other industry sectors in the city, he said.

For this year, DCIPC is targeting P1.9 billion worth of investments.

By third quarter this year, value of investments posted P1 billion including P612 million obtained during the first semester involving two real estate development projects, one tourism-related investment and another in agri-business.

He said investments in 2009 reached P5.1 billion because of the Abreeza Mall in Bajada, Davao City .

However, Magnaye said the figure only covers investments that applied for tax incentives with the DCIPC hence, if to include those which did not apply for tax incentives worth of investments is huge.

Magnaye is confident Davao City will continue to become an investment center in Mindanao to consider the current thrust of Mayor Sara Duterte-Carpio.

He said the mayor has directed DCIPC to supervise the National Economic Research and Business Action Center (NERBAC) to maintain the rosy state of the investment sector in the city.

Magnaye said the city government is also counting on the power sector to shine after some investors recently displayed their firm interest to invest in the city. (PNA)

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