DAVAO CITY – The Davao City Investment and Promotions Center (DCIPC) has approved investments in the property and manufacturing sectors worth more than PHP2.1 billion, its chief, April Dayap, said Tuesday.
Dayap identified the investments as the Acacia Hotel with a PHP1.8-billion capitalization, Green Solutions Agri-Business manufacturing with a PHP340-million capitalization, and the Sta. Clara socialized housing project that is valued at PHP55 million.
She said the three major investments have already met this year's investment target of PHP2 billion.
Dayap said the local government initially made a robust investment forecast this year but the coronavirus disease 2019 (Covid-19) pandemic forced a decline in growth targets as early as the second quarter.
Still, she said, the local government remains optimistic about this year's investment prospects given the interest shown by foreign and domestic investors in this city's economic viability.
Existing investors, Dayap added, have already expressed interest in expanding their businesses.
Meanwhile, the DCIPC will continue exploiting online platforms to promote the city's preferred investment areas.
"We aggressively participate in online roadshows, like the China International Fair for Investment and Trade (CIFIT), September 8 to 11 in Xiamen, China and the China International Import Expo 2020, November 5 to 10 at Shanghai, China," she said.
Christian Cambaya, DCIPC head of the Investor Assistance and Serving Unit, said two big-ticket proposals have been submitted through the CIFIT: the development of the Magsaysay Park and the property of the National Development Corp. (NDC) in Toril.
Cambaya said the local government envisions the two-hectare Magsaysay Park complex as a commercial and tourism hub featuring commercial areas, parks and playgrounds, and a hotel.
For the 20-hectare NDC property, he said the proposal is to convert the site into an agro-industrial ecozone as it is adjacent to the Food Terminal complex where investors are also being eyed for food processing plants.
Cambaya said they are hopeful that both projects would get traction from investors, either through a joint venture or a Public-Private Partnership (PPP) scheme. (PNA)
