Economy of the city in better shape: Sara

THE ECONOMY of the city only “took a temporary dip when Martial Law in Mindanao was declared” as it has bounced back since as the city government recorded increase in the businesses and tourist arrivals in the city by the end of 2017, Mayor Sara Duterte said.

MAYOR Duterte

MAYOR Duterte

Duterte said in the recent 50th Installation of Officers and Trustees of Davao City Chamber of Commerce and Industry Inc. at SMX Davao Convention Center that the year 2017 ended with the registration of 40,000 businesses with total investment value of P272 billion.

Based on the data from Business Bureau, the figures increased from 39,000 with total capital of P230 billion in 2016. The City Tourism Operations Office also recorded a hike in tourist arrivals, reaching two million last year from about 1.7 million the previous year.

“We kicked off the year with a bang — a thriving tourism industry, numerous business conferences scheduled and increasing interest from foreign investors. Then, we took a temporary dip when Martial Law in Mindanao was declared. But we came back and stood tall, quick and strong,” Duterte said.

The gross sales of the hotels in the city also finished with an increase in December last year from dipping low in the first few months when Martial Law was declared on May 23, based on the reports of real estate service firm Prime Philippines.

In a statement released by the City Information Office, Prime Philippines founder and managing director Jet Yu said the gross sales of the hotels in the city increased by 25% to 100% in August to December from 10% to 25% decrease in the few months after the declaration of Martial Law.

The declaration, he said, had also “minimal to no effect on the gross sales of residential condominiums” in the city.

Ricardo F. Lagdameo, vice president of homegrown developer Damosa Land Inc., also said last week that the impact of Martial Law was temporary in the property development sector as, based on the company’s sales figure, buyers have resumed looking for properties that they want to buy.

“We may not have reached that level before Martial Law, but we have noticed the increase in interest of the market,” said Lagdameo as he expected that the market will eventually get back to its high level before May 23, 2017.

Investments also have also continued to increase in the city.

In a data from Davao City Investment Promotion Center (DCIPC), among those that were granted last year with fiscal incentives by the Davao City Investment Incentive Board included the projects of Urbaneast Developments Inc., Davao South Feedmill Corp., Davao Thermo Biotech Corp., Apo Agua Inc. and Primeland Properties Inc.

Even after Martial Law declaration, the DCIPC recorded that among the upcoming projects in the city are Azuela Cove, Mesa Tierra Garden Residences, Peak Parksuites, Obsidian Suites and Ivory Residences and Dusit Thani Residences.

There were also foreign investors that bared interest to put up their projects in the city like the Japanese chocolate company, Japanese processer of fruits and vegetables and Korean manufacturer of air-conditioning systems. There were also Chinese and Korean firms that signified intention to put up a railway system in the city.

Posted in Business