BY CHARLES RAYMOND A. MAXEY
DAVAO City is undoubtedly enjoying an unprecedented growth economically. Investments are pouring in every year and constructions are ongoing all over the metropolis.
To say that Davao is booming is not even news. It has grown by leaps and bounds.
Investments poured into the city for the last five years underscored the tremendous growth. From the recorded P184 billion in 2010, the total business capitalization in Davao reached P211 billion in 2014, or a whopping increased of P27 billion in just five years time.
Data from the Davao City Investment and Promotion Center (DCIPC) showed that for 2011, business capitalization was at P187 billion. This increased in 2012 at P196.408 billion, and hiked further the following year at P203.04 billion, breaching the P200-billion mark.
The total capitalization hiked by 3.94 percent from P203 billion in 2013 to P211 billion in 2014.
Investments kept on pouring in.
One of the newest investments came from an industrial company which is putting up a P400-million carton-manufacturing plant to cater to the packaging needs of farmers exporting their local fruits like banana to China.
DCIPC chief Ivan C. Cortez said China-headquartered AVLB firm is now in the process of getting the documentary requirements for its manufacturing plant to be located in Calinan District, some 40 kilometers northwest of the city.
The firm, Asia-Pacific Conglomerate Inc., is the second manufacturing company to operate in the third district.
Cortez said if the company complies with all the requirements, it will also be the second firm to be granted of the five-year holiday on the cityâ€™s business tax.
The first company to avail of the five-year tax holiday with an investment of around P100 million is the Ahya Food Manufacturing Corp.
Cortez said they approved Ahya Foodâ€™s application for business incentives last year. The company is on its construction stage this year.
Meanwhile, the number of registered businesses in the city has also been increasing each year. For 2014, the registered businesses reached 36,461, higher than the 33,052 recorded in 2013.
For the first quarter of 2015, new investments poured into the city from January to March already reached P209.9 billion, or an increase of 4.11 percent from the P201.6 billion recorded for the same period last year.
These new investments are mainly in property development, services and agri-business.
Based on the DCIPC data under the â€œDavao City Economic Situationer 2014â€ of the DCIPC, export earnings of the cityâ€™s merchandise that was channeled through the Davao Port rose by almost 1.36 percent in 2013 at US$1.617 billion.
The DCIPC also reported that balance of trade was registered at US$462.61 in 2013, with banana remaining as the No. 1 dollar earner for both the city and the Davao Region. Other traded commodities include coconut oil, pineapple, banana chips and desiccated coconut.
Top import commodities include mineral fuels/mineral oils, machinery and mechanical appliances, fertilizers, miscellaneous chemical products and cereals.