Europe-PH News

DAVAO CITY – Agribusiness remains the city's top priority area for investment, especially the export of agricultural products, cold storage facilities, and food terminals, an official said Tuesday.

April Marie Dayap, chief of the Davao City Investment Promotions Center (DCIPC), said this during the webinar, “Diverse Investment Opportunities Await You in Davao", organized by the European Chamber of Commerce of the Philippines.

Next to agri-business, Dayap said, is the manufacturing industry, which she said has been booming in the past few years.

She likewise noted that although greatly affected by the pandemic, the tourism industry has helped bolster the city’s economy over time while stimulating small and medium enterprises (SMEs).

“Davao City is undoubtedly bountiful and we have a conducive high quality of life. We are the sixth economic powerhouse in Asia with our unprecedented skyrocketing economy (in recent years),” Dayap said.

Meanwhile, she said the city government would continue to partner with the private sector in rebooting the local economy from the adverse impact of the coronavirus disease 2019 (Covid-19).

The city, together with the private sector, a certain company, is currently doing a study on the impact of the pandemic in the economy.

“It might be done within the month and will be ready for review and assessment so we can come out with strategies on how to reboot (the economy) and go back to its normal gains,” Dayap said.

In her presentation during the webinar, she cited the city's first-quarter performance this year that showed an increase in the number of total capitalization and the number of business permits.

The second-quarter performance, however, saw a decline due to the effects of the pandemic, Dayap said.

“Being a service-driven economy, the city felt the severe impact of the crisis with the shutdowns or temporary closures of businesses, mostly the service sector,” she added. (PNA)

By: Che Palicte
Source: Philippine News Agency