DAVAO'S business climate showed positive trajectory in the first quarter of this year, a report from the Davao City Investment Promotions Center (DCIPC) has revealed.
Economic indicators released by DCIPC during the period showed that Davao City's number of business establishments grew to 32,144 as compared to 32,005 registered during the same period last year.
Ivan Cortez, DCIPC officer-in-charge, said that Davao showed a promising economic outlook enough to sustain the robust economy of the city since 2011.
"There is so much buzz right now about the business sector in Davao as we continue to improve the ease of doing business here," he said.
Based on the DCIPC data sourced from Securities and Exchange Commission, it showed that Davao City’s Investments on Registered Stock Corporations grew a total of 54 percent to P276 million in value for the first quarter of the year as against P178.5 million of the same period last year.
For investments by registered partnership, Davao posted a total of 254 percent in value to P15 million from 25 entities as compared to same period last year at P4.23 million from 18 entities.
The investments amount of capitalization also posted a hike from P209.9 million of the first quarter of 2015 to P220.8 million for this year's first quarter alone.
The value of exports of the city for the first quarter (Q1) of 2016 also increased by 11 percent from $438.17 million to $487.22 million.
The city's leading five export commodities is topped by banana, followed by coconut oil, fresh pineapple, gold and silver and desiccated coconut.
These products are exported to Japan, Korea, China, USA, and Netherlands.
For the imports, Davao's top import commodities are Mineral fuels/oils, fertilizers, nuclear reactors/machinery, iron/steel and cereals.
Cortez also cited that for the construction industry, Davao is booming with a total of 47 percent increase in value of construction building permits from P1.9 million in 2015 Q1 to P2.9 million for the same period of 2016.
“Everything is rosy and bright in Davao especially for the business sector," Cortez added.