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PIA Press Release

Feature: Real estate, Davao's newest baby

By Mai Gevera

Davao City (6 July) -- Real estate in the region is beginning to soar again during the first five months of the year.

Securities and Exchange Commission (SEC) acting regional director Paul Francisco, during the Government in Action Forum, bared that most of the new investments which registered early this year are from the real estate industry.

"In the previous years, we are getting investments from the agriculture and tuna industry. But this year, there is a remarkable increase in the real estate sector along with services and wholesale trading," Francisco added.

Recent data showed that SEC has registered 194 new corporations 73 percent of which are in the Davao region.

The commission also recorded about P788 million worth of paid-up capital stocks in regions 11, 12, ARMM, Surigao, and Agusan. It is 22 percent of the last year's total amount of investment that reached P3.5 billion for the whole year.

SEC also noted the significant increase of investment poured in by two Singaporean investors most particularly targeting the banana industry in Davao del Norte and Compostela Valley Province.

Meanwhile, Davao City Chamber of Commerce president Domingo Duerme interpreted such figures positively. He said the chamber believes that business is booming in the region as manifested by the new investments that opened.

"Koreans are coming here not just to play golf or to learn English. But most importantly, they have been starting business around the region," he said.

Duerme, the senior vice president of the Philippine Airlines, based the present growth and development on the number of visitors that flood hotels and business parks.

"There had been no reduction of visitors and investors that's why it's safe to say that business is normal and good," he stressed. (PIA XI) [top]

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