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PIA Press Release

Davao Region seen to reach 5.9% growth rate this year

By Mai Gevera

Davao City (13 March) -- The economic team projected 4.9% to 5.9% growth rate for Davao Region this 2009, as bared in Wednesday's Philippine Economic Briefing at Marc Polo Hotel, Davao City. This is the third leg of the seven destinations that the economic advisers are set to visit.

National Economic Development Authority Secretary Ralph Recto said that growth in the BPO-ICT sector, trade, construction, and agribusiness are expected to boost the economy of Davao Region and support it achieve the 5.9% target.

The Philippines as a whole is targeting 3.7 to 4.4 percent GDP growth and such is achievable with the increase in government spending, private sector's cooperation, and strength in domestic consumption, Recto said.

Trade and Investment Undersecretary Merly Cruz suggested that a stronger investment promotion is necessary to make the country more attractive in the eyes of potential investors.

"There is no better way than now to ensure that we capitalize on this to position our country for higher levels of growth when the global economy rebounds," she said.

For the Davao Region, both agribusiness and services sectors are seen to fuel trade and investments.

Each province is given a particular industry to champion on. Davao del Norte and Compostela Valley are poised to develop banana and palm oil, Davao del Sur on coconut manufacturing, Island Garden City of Samal on tourism facilities an real property, Davao City on BPO, and Davao Oriental on agro-forestry.

Data showed that the region experienced record growth levels in both exports and investments in the past five years. It posted the highest export receipts in 2008 at US$800 million. (PIA XI) [top]

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