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PIA Press Release

Real estate, retailing top investments in Davao, says SEC

by Prix D. Banzon

Davao City (26 February) -- For the past five years, it has always been retailing and real estate ventures that had dominated investments in Davao and its neighboring areas.

Securities and Exchange Commission (SEC) Davao Extension Office director lawyer Javey D. Francisco reported that these two industry sectors had been drawing the most number of new investments that registered in their office.

Territorial jurisdiction of SEC Davao includes Regions XI, XII, the Autonomous Region of Muslim Mindanao, Agusan del Norte and Surigao del Sur. Fransicso was the guest at the recent Davao Business Forum at MediSpa of SM City Davao.

Citing 2009 report, he said under retailing about 167 new corporations registered last year with total paid-up capital of P131.9 million while real estate and renting had 115 new corporations with a paid-up capital of P158.8 million.

For foreign direct investments (FDIs) about 85 new corporations with foreign investors were registered with their office with paid-up capital of P19.2 million.

Francisco said total new corporations that registered in their office in 2009 accounted to 560 and 133 for new partnerships with total paid-up capital of P550.4 million.

Of the total figure 72 percent or 405 corporations had their headquarters located in Davao City. There was a 126 percent increase of paid-up capital last year than the previous year.

He said 2009 was a good year and better than 2008 as figures would show that in 2008 only had 508 new corporations with total paid-up capital of P312.5 million.

But then he said the local investors had been upbeat and in the year 2008 with the global financial crisis, the businesses here were not totally affected considering that there were individuals that increased their paid-up capital to 60 percent while some companies to more than 100 percent.

"By and large di masyado naapektuhan and negosyo because of the global crisis and local investors have a lot of confidence with the investment climate here," he said.

On the other hand Francisco said insofar as FDIs are concerned 80 percent of the 85 new corporations had their principal offices in Davao City and most of the businesses were on wholesale trading.

He said the Chinese had the biggest paid-up capital investments of P13.5 million followed by the Pakistani with P10.2 million, Koreans, P5.8 million, Japanese, P5.6 million and Americans, P5.1 million.

As to distribution of FDIs by area he said Davao City cornered the most with 68, General Santos City, 4, Tagum City, 3 and 2 each in Agusan del Sur, Cebu City, Cotabato City and one each in Makati City, Sarangani Province, Surigao City, and Valencia City.

As to industries, 37 were on wholesale trade/repair, 29 on real estate and renting activities, 11 other services, 8 agriculture, fishery and forestry, 6 manufacturing, 3 each on mining/quarrying and financial intermediation, 2 each on hotels and restaurants, transportation, storage and communication and on education and 1 each on construction and health/social work.

Other investors by nationality were Arabian, Bahraini, British, Canadian, German, Indian, Iranian, Malaysian, New Zealander, Singaporean, South African and Swiss. (PIA) [top]

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