THE DAVAO City Investment and Promotion Center (DCIPC) tripled the 2023 figures by registering a total of P3.38 billion in investments as of September 2024.
The latest figure covered January- September this year, surpassing 2023, which only approved incentives for companies at around P1 billion in investment.
Christian Cambaya, DCIPC Investor Assistance Servicing Unit head, told Madayaw that the P3 billion target for 2024 was achieved by only four projects.
These were: Monde Nissin’s capital expansion which amounted to P2.3 billion, Vikings Cold Storage’s project cost of P700 million, Golden Senorita Inc’s project cost of P300 million, and VA Professionals with P8 million.
According to the press release, DCI Incentive Board provided incentives to all the companies in the form of exemptions from paying the business sales tax for three years, real property tax for two years, and mayor’s permit fees for three years.
These exemptions are provided for companies investing in the city’s focus areas of agribusiness, tourism, light manufacturing, health, education, technology, green projects, and inclusive business activities.
Monde Nissin, Vikings, and Golden Senoritas Inc. which are under the light manufacturing category dominated the investment proposals, while VA Professionals fell under the BPO Industry.
The increase in investment and incentive grants, it added, is attributed to the continued consultation meetings with the business sector, constant participation in trade shows, and the broadcast of services on Facebook and its website.
In an effort to increase the investments, they continue to reach out to cities to sign potential sister cities agreements with Davao, to turn in more investments in the city.
This after Davao City’s sister city relationship with Jinjiang in 2018 brought in more investors, including a P24-billion steel manufacturing project, which is set to operate soon.
