"The outlook may not be as great as last year but it's still a good year ahead," Marfori said. "I don't think we'll hit the bottom."
Marfori said the global economic crisis will have more obvious effects abroad, especially to export dependent countries.
"Currently, the biggest impact is the deployment of OFWs (overseas Filipino workers) caused by foreign governments' measure to prioritize their own countrymen's employment," he said.
Marfori said in the Philippines, the first to be affected by the crisis will be durable goods like cars and electronics. Prices would go up for imported goods. Second would be non-food products followed by the merchandise sector. Last to be affected would be the food sector.
Davao City currently ranks 4th in the Philippine 2008 Top 10 Next Wave Cities. Since primary sectors -- agriculture and tourism -- will be given priority, the city's economic outlook will continue to improve.
Marfori said the economic crisis abroad might even create more opportunities for the Filipinos. As living expenses increase abroad, our tropical country can invest on retirement homes, hotels, and other businesses that would make tourism flourish, he said.
Marfori also sees huge potential in transporting agricultural products to other cities in the country. Agriculture products are getting more in-demand and using air cargo facilities to transport these would lower travel cost and travel time.
He added they continue to advocate the improvement of the local economy in the best way without changing the city's way of life.
"We don't want Davao to become just another urban city like Cebu," Marfori said. "This task gets more crucial as the locality must continue to strive in facing of the economic crisis."
Such optimism is good for Davao's entrepreneurs who surely need encouragement in the coming months.
