The newly-approved law that pushes for innovation will help Mindanao achieve economic growth, an official of the Davao City Chamber of Commerce and Industry (DCCCI) said.
John Tria, DCCCI president, recently said the Philippine Innovation Act, which President Rodrigo R. Duterte signed last year will complement other government programs designed to help the island grow economically.
“This particular law (on innovation), I believe, will enable a lot of higher value investments to come in, utilizing our different raw materials and I think that will attract a lot of investments because Mindanao will no longer be just a raw material supplier, but will also be a supplier of higher value products when innovation comes in,” he said.
He said that recently the DCCCII Board came up with a resolution requesting the Department of Trade and Industry (DTI) to develop a fruit research center where local fruits can be turned into new products to reach a far, wider market.
The locally grown fruits can be developed into products for health and wellness or processed food that can be sold at a higher value.
“It is important that, to boost investment, we have to develop higher value products because then the value investment goes up, and with that employment opportunities and development of business enterprises will also go up,” he said, adding that this year “will be a year for innovation.”
“This is the time to make innovation happen,” he added, pointing out that “the years of uninterrupted high growth in Mindanao are attracting investors.”
Based on the data of the Philippine Statistics Authority, Davao Region achieved a 43% surge in investments last year compared with last year.
“Definitely with increased infrastructure, both public and private, we will expect more investments to come in particularly kani mga masterplan developments, the ones you see around the city are actually—these are what (will) encourage more investments actually to come in,” Tria said.
He added that because of the improving peace and order in most parts of the island, including those in the Bangsamoro Autonomous Region in Muslim Mindanao, the economic growth will be sustained and that income will increase.
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