New investments in Davao up by 500%-A A +A
Tuesday, March 25, 2014
NEW investments in Davao Region reached some P31 billion in 2013, representing a significant increase as compared to previous year's figure, the regional office of the Department of Trade and Industry (DTI) reported Tuesday.
This is based on the data obtained by DTI-Davao from the Bureau of Investments (BOI).
"This is around 500 percent growth from the P5 billion worth of new investments poured in 2012," said DTI-Davao Director Ma. Belenda Q. Ambi, who guested in Tuesday’s edition of the Davao Business Forum at Dermpath, SM City Davao.
But Ambi explained that the figures only represent investments that have been registered with the BOI and do not include DTI-facilitated investments.
Based on the data provided to the media, BOI-registered projects in 2013 included those in real estate, electricity, manufacturing, transportation and storage.
Companies investing in real estate are Francisco M Soriano & Co. Inc., Azdevelopers Corporation, Communities Davao Inc., and DMC Urban Property Developers, Inc. These are mainly engaged in low-cost housing projects.
Those who invested in manufacturing included Simmons Leather Goods Inc., Nakayama Technology Corporation, and Franklin Baker Company of the Philippines. These companies are engaged in the manufacturing of leather goods, kitchen systems, and coco water concentrate.
Hedcor Tudaya Inc., Hedcor Sibulan Inc., and San Miguel Consolidated Power Corp. also poured in investments in the power sector. Hedcor Tudaya and Hedcor Sibulan are developers of a 7-megawatt (MW) and 6.6 M hydroelectric power plants, respectively, while San Miguel Consolidated Power Corp. has a 300 MW coal-fired power plant in Davao del Sur.
Finally, those investing in transportation and storage are PNX-Chelsea Shipping Corp., a new domestic shipping operator; Seaoil Philippines Inc., which invested in storage and distribution of petroleum products; and Vifel Ice Plant & Cold Storage Inc. that set up a cold storage and blast freezing facility.
Ambi attributed the growth in investments to the improving business climate in the region, making it attractive to new and potential investors.
She also said that increased efforts of local government units in inviting investors have also helped increased the investments in the region.
"They saw the advantages of pushing for investors to come to their area because they know it will help in the development of their area," Ambi said.
She said the peace and order situation and the availability of infrastructures and logistics has also helped increase the investments coming to the region.
Published in the Sun.Star Davao newspaper on March 26, 2014.