Tuesday, July 10, 2007 Real estate is Davao's new investment favorite
REAL estate in the region soared again during the first five months of the year.
Securities and Exchange Commission (SEC) acting regional director Paul Francisco said most of the new investments in the region registered in the early part of the year are in the real-estate industry.
"In previous years, we were getting investments from the agriculture and tuna industry. But this year, there has been a remarkable increase in the real-estate sector, along with services and wholesale trading," Francisco said.
Recent data showed that SEC has registered 194 new corporations, 73 percent of which are in the Davao region.
The commission also recorded about P788 million worth of paid-up capital stocks in Southern and Southerwestern Mindanao, Autonomous Region in Muslim Mindanao, Surigao, and Agusan.
SEC also noted the significant increase in investment poured in by two Singaporean investors, particularly targeting the banana industry in Davao del Norte and Compostela Valley province.
Meanwhile, Davao City Chamber of Commerce president Domingo Duerme said the chamber believes that business is booming in the region as manifested by the new investments that opened.
"Koreans are coming here not just to play golf or to learn English. But most importantly, they have been starting business around the region", he said.
Duerme, the senior vice president of the Philippine Airlines, based the present growth and development on the number of visitors in hotels and business parks.
"There had been no reduction of visitors and investors," he said.
