Confidence in DC remains high as business capital grows in Q1

The value of capital of businesses in the city in the first quarter of the year hit P259.794 billion, which is an increase from P230.233 billion in the same period in 2017.

Data from Davao City Investment Promotion Center (DCIPC) bared that the growth was also complemented with the increase of businesses in the city, which reached 36,802 from 36,441 from January to March last year.

The figures were based on the number of enterprises that were issued with mayor’s permit by the Business Bureau.

“This proves that the city remains highly competitive when it comes to business and investment,” DCIPC said in a statement released on Friday.

DCIPC’s data also showed that the top business lines include retail, services, wholesale, manufacturing, and lending.

During the business permit renewal period on Jan. 2 to Jan. 20, the City Treasurer’s Office (CTO) collected P1.2 billion.

Mayor Sara Duterte said earlier that the revenue collection earned by the CTO was 36% higher than what was collected during the business permit renewal period last year.

“We thank you, the business community, for diligently paying your local taxes. We assure you that your city government will allocate these funds to more meaningful projects and programs for the development of the city,” Duterte said.

Duterte said the increasing trend in the number of businesses, meanwhile, showed heightened confidence despite the Martial Law declaration in Mindanao, which took effect on May 23 last year. She said the declaration only “took a temporary dip” for the local economy as the city’s economy bounced back beginning in August.

“The feats that we have achieved last year are a challenge for us to reach a higher peak in business and investments for 2018. I assure you that the city government of Davao will equally support the advocacies of the Chamber, as you have continuously supported the directions of the city government,” Duterte said.

Posted in Business