P400-M investments get incentives
By ROGER M. BALANZA
Mayor Sara Duterte plays the game when potential investors come to take a look-see at the city: she converts herself into a top caliber saleswoman to personally explain what the city can offer to investors.
Davao City Investments Promotion Center (DCIPC) chief Jason Magnaye said the mayor’s “personal touch” helps a lot in convincing investors to plunk their money into business in the city.
Mayor Duterte goes out of her way in meeting with prospective investors to personally discuss with them what the city can offer, said Magnaye.
With Mayor Duterte tackling by the horn the matter of luring more investments, Dabawenyos feel assured that previous efforts of former Mayor and now Vice Mayor Rodrigo Duterte, her father, would be a continuing legacy.
The elder Duterte had run the city for more than 20 years under an iron-fist peace and order platform that had drawn plaudits from investors seeking locations where they are safe from criminal elements.
Magnaye announced that new investments valued at P441 million that passed through DCIPC has been exempted from paying mayor’s permit and fees. DCIPC also earlier granted the same incentives to investment worth P612 million during the first semester.
The recent approved investment involves two projects: a subdivision project worth P119 million and a mixed-use commercial building with a capital of P322 million.
Magnaye also said that the earlier investments consist of two projects on real estate, one in tourism while the other in agri-business.
In the pipeline are on real estate and commercial buildings, he said.
Magnaye said majority of the investments in Davao City for the past several years are in line with real property development.
He said for the past three years, projects in the city were dominated by property development getting a share of 83 percent of the total investments.
He cited that since DCIPC started in 1995, property development got the biggest chunk as it cornered 61 percent of the total investments.
Earlier, Mayor Duterte said she would adopt bolder strategies in selling the city through participation in international trade fairs. She said investment and tourism players should stop the old practice of merely waiting for investors to come.