BUSINESSES in Davao City went up by 7.71 percent to 39,800 in the third quarter of 2016 from 36,950 of the same period in 2015 according to the Davao City Investment and Promotion Center (DCIPC).

DCIPC head Lemuel Ortonio told SunStar Davao Friday, January 27, the increased number of new and renewed business establishments in Davao City last year showed increased capitalization and good economic situation of the city for 2016 in comparison with the performance in 2015.

DCIPC expects with the release of the fourth quarter data, the number would increase way more than 40,000 new and renewed business establishments.

“Generally last year, we are getting a lot of business inquiries from different foreign investors. Mostly are from China, Japan, and Korea. They are coming from varied business industries. They inquire whether the city is open to light manufacturing, agribusiness, and a few tourism facilities,” said Ontorio.

He said since the election of President Rodrigo Duterte, Davao City was highlighted and introduced to the foreign investors who previously have not heard and do not know where exactly Davao City is.

With the launching of the Association of Southeast Asian Nations (Asean) Summit and the visit of Japan’s Prime Minister Shinzo Abe in Davao City, Ortonio said DCIPC is expecting an influx of Japanese investors.

He said this would be strengthened more after some of the Asean meetings would finally be conducted in Davao City within the year.

Ortonio said since the arrival of these foreign leaders, embassies and foreign organizations and business chambers had already expressed interest about the activities that they can conduct and the investment opportunities in the city.