Exec: total capitalization last year up to P270-B

THE BUSINESS climate in the city was in a better shape last year as the combined capital went up to P270 billion, an official of Davao City Investment Promotion Center (DCIPC) said.

 As of last year, Lemuel Ortonio, chief of DCIPC, said yesterday in BizForum at SM City Davao-Annex, the number of businesses increased to 40,400 from about 39,000 in 2016 with total capital of P230 billion.

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 “This has been on upward trend since 2012. We projected that it would increase by five percent this year,” Ortonio said.

 He said the increase attributed to the streamlined processing of business permits, which buoyed the confidence of the enterprises. The good peace and order situation also attracted investors to venture in the city.

 The victory of President Rodrigo Duterte also enticed businesses to set up.

 Currently, the city government is conducting the renewal of business permits of the registered firms. The renewal period would end until Jan. 20.

 The DCIPC urged the businesses renew on or before the deadline to prevent from attaining penalty. According to DCIPC, there are three steps to renew the permits.

 “First, file necessary documents required by the Business Bureau. Second, pay the required amount to the City Treasurer’s Office and Bureau of Fire and Protection. Third, claim mayor’s permit and renewal sticker with other documents from Business Bureau and Bureau of Fire and Protection,” DCIPC said.

 The permits are issued by Business Bureau, which is under the Office of City Mayor. The bureau’s objective is to provide an effective system to issue the permits and licenses.

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