THE Davao City Investment Promotion Center (DCIPC) approved tax incentives for seven companies since the Covid-19 pandemic in 2020, said unit head for investors assistance and servicing Christian Cambaya.
During the Wednesdays at Habi at Kape press conference on June 29, Cambaya said four of these companies were approved in 2020, two in 2021, and one for this year so far.
The four companies in 2020 were into housing projects or real estate, light manufacturing and assembly, hotel industry, and agri-business. Camabaya said the four projects had a combined project cost of P2.4 billion.
“These are largely local companies, existing companies that expanded in the city,” Camabaya.
In 2021, the two companies are an outsourcing company based in the United States with a project cost of 4.8 million, and a Chinese manufacturing company with a project cost of P189 million.
While for this year, the first project given incentives is the Poblacion Market Central developed by Alsons Properties with a project cost of P422 million.
“For the last three years, these are the companies that applied for incentives and were also responsible for the economic growth of the city during the time of the pandemic,” Cambaya said.
At the same time, Cambaya shared that property development projects have recently dominated the investment scene in Davao City, which are usually from homegrown and multinational companies.
Other projects followed such as business process outsourcing projects, mixed-use projects, and other real estate projects.
“We’ve seen the number of property development projects that dominated the scene. These are largely investments from homegrown and multi-national companies that have invested in Davao in mixed-used projects, BPO buildings, and other real estate projects soo