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PIA Press Release
Wednesday, January 04, 2012

 

Robust investments noted in Davao

by Carina L. Cayon

DAVAO CITY, Jan. 04 (PIA)-- A robust influx of investments in the city was noted last year, marking a growth of 47.6 percent in terms of the amount of investments from the new businesses.

Davao City Investment and Promotion Center (DCIPC) chief Jason Magnaye reported that Davao City gained total investments of P3.68 billion from the new businesses in 2011 compared to the P2.5 billion investment in 2010.

Magnaye said the total investments reached to P187 billion, earning a growth of 2.6% for the city last year. In 2010, Davao City gained P183 billion, he added.

Though the DCIPC chief noted a decline in business permit renewals last year, substantial business ventures poured in, saying that these “largely came from property development projects or real estate investments.”

Aside from the real estate investments, Magnaye cited the business process outsourcing business to “continue to be upbeat.”

He said that the growth of BPOs have provided employment to about 16,000 people in the city.

He mentioned that two BPO firms have visited the city in December last year to look for different possible sites for their business.

The tourism industry has also performed well last year, and is expected to be more aggressive in 2012, Magnaye told the local media here on Monday.

He said they estimated tourist arrivals of 700,000 in 2011, adding that 375,000 tourists were recorded as of middle last year.

Based on hotel arrivals, about 10% of the tourists were foreigners, while 90% represented the domestic visitors, he stated.

Magnaye disclosed that the city government is eyeing to bid for two big ASEAN conventions this year expecting to gather different visitors from all over Asia Pacific Region.

Related to this, he also shared excitement over the soon to be opened and would be biggest convention center at a major mall in Davao City.

Meanwhile, Davao City Business Bureau chief Tristan Dwight Domingo reported that his office has processed a total of 31,747 active business permits last year.

Domingo announced that a one-stop shop off-site business permit processing will be held soon at a big mall in Matina, Davao City. (PIA-11/Carina L. Cayon)

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