Property development remains the city’s biggest investment, an official of the Davao City Investment Promotions Center (DCIPC) on Thursday said.
Christian Cambaya, head of DCIPC’s investor assistance and servicing unit, noted that big-ticket infrastructure projects have encouraged land developers to invest in the city.
“It is primarily the property developers who are our city’s biggest investors. The presence of huge infrastructure projects of the ‘Build, Build, Build’ program of the Duterte administration has attracted them to pour in money here,” Cambaya said in an interview.
Major infrastructure projects under the “Build, Build, Build” program in Davao City include the Samal Island-Davao City Connector Project; Davao City Coastal Road; Davao City Diversion Road Extension to Toril, Bangkal-Talomo-Puan Section; Modular Hospital in Davao; and Davao City Metropolitan Bike Lane Network.
Cambaya said big road networks in the neighboring provinces such as the Tagum City Flyover in Davao del Norte; Island Garden City of Samal Circumferential Road; Matanao-Padada-Kiblawan Road; and Access Road leading to Lao Integrated Farms-Mt. Apo Trail-Balutakay Waterfalls also contribute to the city’s potential for growth.
In February this year, the Department of Trade and Industry conferred Davao City the overall most competitive highly-urbanized city in Visayas and Mindanao, citing its economic dynamism, government efficiency, infrastructure, resiliency, and innovation.
The area was also given a special award as the first highly-urbanized city to pass a landmark ordinance establishing the “Davao City Inventions and Innovations Center in the Philippines”.
Cambaya said the attractive tax incentives for businesses keep property developers growing their investments here.
In 2020, he said the DCIPC approved four companies that were given incentives, including the FM Soriano & Co. with PHP55 million investment; Green Solutions, PHP340 million; CHMI Hotels, PHP1.8 billion; and Ana’s Breeder, PHP210 million.
In 2021, outsourcing companies based in the United States also acquired incentives for their PHP4.8 million project here; the OCR Enterprise’s with PHP189.4 million project; and Alsons Development’s PHP422 million project.
Cambaya said the DCIPC will conduct a review of its policies for tax incentives to attract more investors to Davao City. (PNA)