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PIA Press Release
2005/01/13

MNCs eyeing Davao City for investments

Davao City (13 January) -- Several multinational companies (MNCs) are keenly eyeing Davao City as an investment location, according to Business Bureau chief Erwin Alfaraque.

He said talks are at the initial stage with companies whose foreign partners are interested in putting up processing centers. He did not name the companies but said they are in agribusiness.

Alfaraque said they expect more investments to boost revenue collections, which grew 60 percent higher last year over the previous year’s.

He said in 2004, the city generated P328.5 million out of taxes and other fees from January to November.

In 2003, he said only P282.9 million was generated by the business bureau.

He also reported an 11-percent increase in the number of business establishments. (PIA/pdb) [top]

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