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Saturday, December 13, 2003
City exceeds investment target by 40% in 2003
By Christie Enriquez-Uayan
DAVAO City Investment Board approved on Friday a low cost housing project worth P138 million, bringing the city- approved investments to P1.2 billion this year, said Davao City Investment Promotion Center (DCIPC) Chief Roberto Teo.
"We have surpassed the P1 billion target for this year. In 2002, we only made around P880 million," Teo said in an interview after he met with representatives of a call center operator based in Clark Field, Pampanga.
Cyber City Teleservices Limited (CCTL) arrived Friday to recruit call center agents from the City.
Teo said the increase in capital inflow may be attributed to the City's sound investment policies and business-friendly climate.
"Davao City is the most competitive city and the most liveable city in the country and it follows that those who have visited here want to stay here
for good," he said, citing the low cost of doing business as another investment and business expansion drawer.
He said majority of the DCIPC-approved investments, estimated at 75 percent of the total figure, are infused by firms from property development and tourism-related establishments.
The increase in capital infusion, the DCIPC chief said, is a clear indication of the City's resiliency and its ability to bounce bank from terrorist attacks and other economic blows.
Teo said the City hopes to increase the present figure to 10 percent. He said capital infusion for the manufacturing and the information and communications technology (ICT) sectors are expected to rise in 2004.
(December 13, 2003 issue)
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