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DTI sees positive economic growth in 2021

Department of Trade and Industry (DTI) Secretary Ramon Lopez is optimistic that the Philippine economy will develop a positive growth in 2021.

In a public briefing on Monday (June 14), Sec. Lopez said that the export growth of the country has increased by 72% due to the 100% operation of the export sector during the pandemic.

“We expect recovery in 2021 as early as the second, third quarter. We can expect a rebound of positive growth.”

He also anticipates the improvement of the business process outsourcing and the volume of the production index in 2021. He added that the foreign direct investment in the Philippines has also increased.

The DTI Chief hopes for the continuous decline of COVID-19 cases so that the relaxation of the quarantine restrictions, which will greatly help the economy, will be implemented. 

DURIAN POST NO. 87 – Davao City now in the Top 5 of richest cities in the Philippines

2011 budget soars to P5B mark


Total appropriations for year 2011 for the operation of the local government of Davao City has breached the P5 billion mark, making this premier city of Mindanao among the richest cities in the country.
With this year’s gargantuan budget,  Davao City is assured of landing in the top five richest cities in the country.
The Davao City Council has approved Suplemental Budget No. 2 amounting to P360 million. Middle of this year the legislative body also approved Supplemental Budget No. 1 in the amount of P619 million.
Added with the 2011 Annual Budget of P4.6 million, total budget for this year is P5.5 billion.
Budgetary appropriations by LGUs are based on projected fund sources and more or less echo the LGU’s actual revenues, which are derived from locally generated taxes and share from the Internal Revenue Allotment (IRA). The IRA is the LGU’s share from taxes collected in their jurisdiction by the Bureau of Internal Revenue (BIR).
Records of the National statistics Coordinating Board (NCCB) show that the top revenue earning cities in the country based on 2007-2008 revenues and appropriations were Quezon City – P9 billion; Makati City –  P 8 billion, Manila City – P7.4 billion, Pasig City – P4.4 billion,  Paranaque City –  P 3.3 billion.
Davao City was a breathe away from Paranaque City with  P3. 2 billion in annual revenues.
Other cities in the elite club of top ten richest cities are Cebu, Caloocan and Pasay, with Muntinlupa and Mandaluyong battling over the last slot.
Durian Post has no available records of appropriation and expenditures for the 2008-2009 and 2009-2010 of the top-earning cities.
But statistically based on the 2007-2008 records against current figures, Davao City could dislodge fifth placer Paranaque  City from the Top 5, with the drastic upward trend in its annual revenues. For years, Davao City had been tailing Paranaque by a few hundred thousand pesos, but 2011 figures could make a big difference in its standing.
Based on its 2011 budgetary appropriations of P5.5 billion against the 2008 figures of P3.2 billion, Davao City’s revenue nearly doubled in just a matter of three years.
Complete figures on latest over-all standing of cities are yet to be released. The upgrading of cities and other LGUs are made every three years.
When the figures are out, we expect to be in the Top 5, said a source from City Hall asking anonymity who adds it was best that government figures should be out first before official statements are issued.
Davao City has consistently been in the Top 5 highest revenue earning cities in the country in the list of ‘Billionaire Cities’ of the Bureau of Internal Revenue (BIR) during the last five years.
The Department of Budget and Management said it would reduce shares of IRA for LGUs next share, with Davao City losing about P300 million. About half of its annual earnings come from IRA.
But while executives of other local LGUs break their heads on where to source funds in wake of the cuts, Davao City Mayor Sara Duterte is not rattled.
While there may be bdgetary cuts in some projects and programs, she assured  the cuts would not dramatically shake up its financial capability to respond to people’s needs.