Survey: Local investors unfazed by martial law | SunStar

Survey: Local investors unfazed by martial law

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Survey: Local investors unfazed by martial law

Friday, August 25, 2017

A survey, called "Business as Usual: Davao's Real Estate Snapshot under Martial Law," conducted by Prime Philippines Research and Consultancy team among investors nationwide, showed that 83.3 percent of Davao-based investors with existing property investment in Davao City remained unfazed with the imposition of Martial Law.

Jet Yu, Prime Philippines founder and managing director, presented the survey during the 8th General Assembly of the Davao City Chamber of Commerce and Industry Incorporated on Friday at Grand Regal Hotel, wherein he said that the certain rate posed a high percentage among Dabawenyo investors who are doing business here where they said that they are unaffected by Martial Law.

They classified the poll into three categories which are first the Davao-based investors with property investments here in the city; Luzon and Visayas-based investors with existing property investments in Davao that has 60 percent certain rate; the Luzon and Visayas-based investors without investment in Davao has the lowest one with 33.33 percent.

He added that the Davao-based investors who understand the security landscape in the city has also expressed interest to push for more investments in the city but there are also some who cancelled their plans to put up businesses here and transfer to other locations instead.

"Investors who experience first-hand the martial law in Davao, being from Davao and currently doing business in Davao, have an 83.3 percent certain rate, as opposed to investors without any link to Davao and may never have experienced the martial law," Yu said.

Most of the businessmen based in Davao have a unanimous response on the effects of Martial Law. It somehow has a little effect but businesses returned to normal eventually.

"The data shows that large business transactions still occur in Davao City despite the declaration of martial law. Aside from this, most of the development's gross sales as listed in the table did not have any significant changes and remained stable. This suggests that business in Davao City unfazed even under martial law," he said.

He underscored that tourism was hit by the martial law declaration since some hotels and convention centers have lesser occupancy rates compared to the absence of martial law.

There were about 78 functions and events that were cancelled and about P20.9 million estimated unrealized revenues that was lost due to martial law.

However, the residential, office and land investment sector remained stable.

Defense Secretary Delfin Lorenzana, who was present during the activity, said the fear of people outside Mindanao is "unfounded" as the Duterte-style of martial law would still allow the public to practice their constitutional rights unlike the version of the late dictator President Ferdinand Marcos, Sr.

He also assured the business community, who is the partner of the government in pushing for progress and development, which the security forces are on top of the city's peace and order.

Published in the SunStar Davao newspaper on August 26, 2017.

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