Davao City: The Rising Economic Powerhouse

Davao City for some time now has been considered as a bastion of peace, freedom, progress, and prosperity. It is the centrifugal force that brings people, products, businesses, and services to work together at the center of development. In fact, it is recorded to contribute 10.7 percent of the country’s annual GDP last year. Owing mostly to is booming services and industry which has 49.6 percent and 39.2 percent respectively. Meanwhile, its agricultural sector does not fall behind with an 11.2 percent of its local economy.

As it continues to rise, let’s take a look at what drives and makes Davao the new economic center of the Philippines.

Major Infrastructure Projects
National Economic Development Authority (NEDA) released last March 20 the 10 key developmental projects for Davao which amounts to P94B. The goal of the projects is to help decongest the Poblacion district by providing roads and thoroughfares and make urban centers accessible to areas minimizing transaction costs.

Pipelined projects include Zoning of top-notch educational institutions in barangays Mintal and Tugbok west downtown, reclamation of 200 hectares along the coastal area downtown where new ports and businesses are expected to flock, and major road and highway constructions which are geared to making the city a highly industrialized one.

A Safe Davao
The city is known and hailed to be one of the safest cities in the world. Owing to its Respect to order and the rule of Law. The former mayor now President Rodrigo Duterte made it his personal advocacy to make the city a safe, conducive area for families to live and thrive. Several policies and regulations ensure that citizens follow and recognize these local ordinances.

Crime Index in Davao is at 28.76 which is low for a highly industrialized city, while its safety index is pegged at 71.24. It also got an 80.19 percent for walking alone at daylight, while 73.06 for walking alone at night.

Mobility of Capital
Davao had its record-high investment portfolio with an 18 percent increase from last year. This reflects the confidence of businessmen in the City’s fiscal policies as well as local safety programs. A total of 40,000 new and renewed business were registered with whopping capital of P270B or more than $5B. This influx is set to increase as investors from Japan, China, and Malaysia are scheduled to surveil the area.

Emerging Local Eco-tourism
The influx of capital is not without the surge of tourist curious to see what the city has to offer. Reaching its 2 million marks, Davao had its highest foothold of tourists. Prompted by the ascendancy of President Rodrigo Duterte to power, it became a popular tourist destination. Some known spots include Mt Apo, Panas Falls, Museo Dabawenyo, D’Bone Collector museum to mention a few. And with Plans to have direct international flights to the city through Qatar Airways, tourism is expected to spike more.

Needless to say, Davao is shaping up to be an economic force that’s going to help the country’s economy, an opportunity for investors that shouldn’t be missed.