Over the past few years, Davao City is growing at its fast rate. Among its evident proof are the high-rise buildings, improvement in connectivity, growing interests from foreign investors particularly in outsourcing, tourism, retail and agriculture.
According to Lemuel Ortonio, Davao City Investment Promotion Center (DCIP) Officer-in-Charge, the retail industry is the major contributor that drives the city’s booming and dynamic economy. He added that the presence of large malls and retail shops provide employment to many local citizens.
Ortonio also stated that the agriculture industry is still among the leading economic driver of Davao City. It has been known that the city is one of top export commodities provider of several agricultural products such as bananas, pineapple, coconut oil, and desiccated coconut.
Meanwhile, the tourism sector is also growing since there is an increasing population of tourist arrivals in Davao City. Based on the DCIPC’s Compendium of Economic Indicators, tourist arrivals increased by 7.76 percent in 2016 to 1,864,343 from 1,730,009 in 2015.
On the other hand, the outsourcing services are becoming the major contributors to the city’ economy. As a matter of fact, home-grown and multi-national business process outsourcing (BPO) companies expand their services from voice to also include non-voice.
Captain Ronald Go, President of Davao City Chamber of Commerce and Industry, Inc (DCCCII), said that a lot of foreign investors are showing interests to Davao City. He also uttered that these foreign investors would usually go to Metro Manila or Cebu for investments before. But, now that the President is from Davao City, we would expect that there will be an influx of foreign investors here.
Because of this, flight carriers and shipping lines added new routes and destinations departing from Davao to some parts of the Philippines, and vice versa. Direct flights from countries like Singapore and China is also expected to launch this year.
As of today, mix-used developments are being established within the city including real estate properties such as condominiums since some of the IT outsourcing firms are expanding their location here in Davao City.
Retail, ICT-BPO, agriculture, tourism propel city’s economy, Sunstar.com.ph