Davao City remains on steady growth-A A +A
Wednesday, July 2, 2014
DAVAO CITY's economy has remained on steady growth during the first quarter of 2014 following an increase in investments, imports and exports and other business activities.
Economic indicators from January to March this year, based on figures released by Davao City Investment Promotion Center (DCIPC), showed that investments in the city went up by 4.58 percent to P201.63 billion as compared to P192.79 billion during the same period last year.
On the other hand, business establishments in the city also went up by 8.19 percent to 30,501. Last year's figure was pegged at 28,193.
Davao City also registered an increase in its exports and imports based on data provided by the Port of Davao.
Data showed export earnings of the city's merchandise from the Davao Port went up in the first quarter from $369.15 million in 2013 to $431.45 million this year while imports increased from $238.21 million to $383.05 million.
Banana remains as the top export product from Davao City and Davao Regio. Other exported commodities included coconut oil, desiccated coconut, pineapple, and banana chips. Top five export destinations are Japan, China, South Korea, Netherlands, and USA.
Machinery and mechanical appliances are top import products. Other imported commodities are mineral fuels, oils, and waxes; fertilizers, ceramic, and articles of iron or steel.
DCIPC officer-in-charge Ivan C. Cortez, in an interview with Sun.Star Davao Tuesday, said the growth in the city is bound to happen based on the trend in the past five years.
"Simply because the market is here, businesses are growing, they [businesses] are finding a new niche here and abroad, so there is an increase in the demand for more production, which will always entail the growth of businesses who will supply the new demand," he said.
Cortez said Davao City's services and real estate sectors to remain strong this year.
"Davao City continue to grow and is far from being saturated," he said.
Published in the Sun.Star Davao newspaper on July 02, 2014.