Davao City triples investment performance in 2023, surpasses targets for 2024

DAVAO CITY – The Davao City Investment and Promotion Center (DCIPC) has achieved a record-breaking performance, approving incentives for companies with a total investment of ₱3.38 billion in the first nine months of 2024—three times the investment amount recorded for all of 2023.

In 2023, the city granted incentives to companies with a total investment of approximately ₱1 billion, marking a significant leap in investor confidence this year. The 2024 figure also surpasses the DCIPC’s ₱3 billion target for the year.

“Our target for the year was ₱3 billion, but we achieved this with just four projects, all of which applied for incentives through the DCIPC,” said Christian Cambaya, head of the Investor Assistance Servicing Unit.

Major Investments Driving Growth

The four projects that significantly boosted investment figures include:

• Monde Nissin Corporation, with a ₱2.3 billion capital expansion.
• Vikings Cold Storage, with a project cost of ₱700 million.
• Golden Senorita Inc., with a project cost of ₱300 million.
• VA Professionals, a BPO company, with a project cost of ₱8 million.

• All four companies received incentives from the Davao City Investment Incentive Board (DCIIB), including exemptions from:

• Business sales tax for three years,
• Real property tax for two years, and
• Mayor’s permit fees for three years.

These incentives align with Davao City’s focus on attracting investments in priority sectors such as agribusiness, tourism, light manufacturing, health, education, technology, green projects, and inclusive business activities.

Strategic Efforts Boosting Investments

Cambaya attributed the increase in investments to proactive strategies, including consultations with the business sector, participation in trade shows, and enhanced visibility through social media and the DCIPC website.

The city’s sister city agreements have also played a crucial role in attracting foreign investors. Among these, the partnership with Jinjiang, China, established in 2018, has been the most successful. This collaboration brought in major projects, including a ₱24-billion steel mill plant, which is set to commence operations soon.

The DCIPC’s efforts to attract high-value investments have positioned Davao City as a prime location for businesses in both domestic and international markets. Investments such as Monde Nissin’s expansion and the cold storage facilities underscore the city’s potential in light manufacturing and logistics, while VA Professionals’ growth highlights the booming BPO industry.

With its robust incentives program and strategic outreach initiatives, Davao City is poised to sustain its upward trajectory, creating more economic opportunities for its residents and further cementing its status as a major investment hub in the Philippines.