THE Securities and Exchange Commission-Davao Extension Office (SEC-DEO) has noted an 11.33 percent increase in the number of registered stock corporations to their office from the first quarter to the second quarter of the year.
In the data provided by SEC-DEO, the number of registered stock corporations from January to March was at 203 and increased to 226 by April to June. Total paid-up capital was estimated to have jumped down from P262.14 million to P240.01 million.
SEC-DEO Director lawyer Javey Paul Francisco said about 67 percent of these newly registered corporations are Davao City-based while the remaining 33 percent are composed of corporations from the neighboring provinces and regions in Mindanao.
He also noticed that majority of these corporations are construction-related such as hardware stores and building contractors, while some existing contractors have applied for capital stock increase for their business expansion.
“Davao has become the primary center of business brought about by good business climate, peace and order, and the Duterte effect. A lot of investors had shown up. The city’s potential is actually very vast even before but it is only now that we are given attention. The climate here is good, very predictable. Also there are a lot of land spaces that are open for development,” Francisco said, when asked to where he can attribute this increase in the number of newly registered corporations.
However, the number of registered partnerships had decreased from 50 in the first quarter to only 40 by the second quarter with estimated contributions of P25.81 million and P14.53 million respectively.
Last year, it was reported that the number of corporations had increased by 5.3 percent to 1,881 in 2015 to 1,787 in 2014.
The growth then was said to be attributed to the political stability, upbeat economy, ease in doing business, and available opportunities in Davao Region and the extension areas, as a consistent upward trend had been noted already for the past years.
The extension office covers the cities Davao, General Santos, Tagum, and Panabo and the provinces of Surigao del Sur, Agusan del Sur, South Cotabato, Sarangani, Maguindanao, and North Cotabato, and the provinces under Davao Region.
Published in the SunStar Davao newspaper on September 29, 2017.
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