The Philippine Board of Investments (BOI) is urging businesses and potential investors to seriously consider doing business and ‘Make It Happen’ in the country’s southern region as it highlighted the Davao region’s competitive advantages, achievements, and business goals that could come to fruition during the Davao Investment Conference held recently (November 11 and 12, 2021).
Together with other resource speakers coming from the private and government organizations, BOI Executive Director Bobby Fondevilla addressed participants in the event and provided them insights on doing business in the Davao region. Attended by both foreign and local delegates, the conference’s paramount goal was to further connect Davao Region to other parts of the world and showcase it as a “suitable place for global investors.”
Executive Director Fondevilla presented, through a video message, the approved and targeted investments in the Davao region coupled with his explanations on the incentives investors could receive from the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. He also explained the priority sectors and industries that may be given investment incentives under the CREATE Act’s Strategic Investments Priorities Plan (SIPP).
According to Executive Director Fondevilla, same as the other regions, Davao suffered an economic setback during the pandemic, as the region tallied a dip of the total amount of approved investments in 2020 compared to 2019’s record.
Based on the data from the BOI’s IPPS-PMD, Php8.45 billion amount of investments poured into Davao region, which is higher than that of 2019 – Php6.62 billion.
For 2019, the largest amount of investments in the region came from Real Estate Activities with Php2.61 billion followed by Electricity, Gas, Steam, and Air Conditioning Supply with Php2.19 billion. At the third spot was Manufacturing with Php973.9 million. Other greenlighted investments in the region were from the following sectors: Waste Management and Remediation Activities (Php586.5 million); Transportation and Storage (Php201.6 million); Agriculture, Forestry, and Fishing (Php57.3 million); and Water Supply, Sewerage, Administrative and Support Service Activities (Php9.2 million).
While in 2020, Real Estate Activities remained at the top spot infusing Php3.48 billion worth of investments into the region, while trailing it was Accommodation and Food Service Activities with Php1.8 billion, and sitting at the third spot was Manufacturing with Php1.19 billion followed by Electricity, Gas, Steam and Air Conditioning Supply with Php1.14 billion.
Other sources of investments were the following: Agriculture, Forestry, and Fishing (Php636.6 million), Human Health and Social Work Activities (Php139.87 million), and Administrative and Support Service Activities (Php61.2 million).
Meanwhile, Executive Director Fondevilla bared that some of the notable projects under the BOI’s Investments Priorities Plan (IPP) in Davao in 2020 were the 8990 Housing Development Corporation, a developer of an economic and low-cost housing project in Davao City, with Php2.17 billion amount of investments; CHMI Hotels & Residences, Inc., a new operator of tourist accommodation facility in Davao City with Php1.8 billion; and Universal Power Solutions, Inc., a new operator of Battery Energy Storage Solutions (BESS) in Malita, Davao Occidental with Php1.1 billion.
Projects that fell under the billion-peso mark were Millenium Specialty Coco Products, Inc, a new export producer of coconut products in Panabo City (Php994 million); Anflo Banana Corporation, a new export producer of fresh cavendish banana in Davao Oriental (Php616 million); and Tagum Water Company, Inc., a new operator of Bulk Water Supply in Tagum City (Php586 million).
Executive Director Fondevilla also presented the top 10 priority sectors in Davao City namely: Agri-business; Tourism and Recreational Facilities; Light Manufacturing and Assembly; Real Estate/Property Development; Health and Wellness, Educational and Sports Facilities; Environment Protection or Green Projects; Information and Communications Technology; Generation of New Sources of Energy; Transportation and Infrastructure; and Public-Private Partnership (PPP) Projects.
With the theme “Davao Region: Strong Today, Stronger Tomorrow,” the sixth installment of the conference featured investment opportunities particularly in real estate, tourism, manufacturing, and agribusiness with its enablers such as ICT, academe & infrastructure that are available in Davao and to the region’s proximate areas.
Throughout the Davao ICon 2021, various activities were held such as business conferences, online trade exhibitions, and business matching through a world-class online platform. The said event was organized by the Davao City Chamber of Commerce and Industry, Inc. (DCCCII). END