The signing of the Memorandum of Agreement (MOA) between the city government of Davao and the country’s largest professional service firm SyCip Gorres Velayo & Company (SGV and Co.) last September 2, 2020 is expected to give hope to micro small medium enterprises (MSMEs) in Davao City to cope with the impacts of Covid-19 pandemic.
Under the MOA, which was signed by SGV Chairman and Country Managing Partner Wilson P. Tan and Mayor Sara Duterte-Carpio, SGV will assist the city in producing the “Doing Business in Davao” investment brochure.
“Doing Business in Davao” is an investment guide that features relevant information for setting up a business in the city. It presents an economic overview of Davao, including local investment policies and incentives, taxation rules and other essential information on the city’s assets and strategic positioning for the reference of potential investors.
Christian Cambaya, unit head of the Investors Assistance and Servicing Unit of DCIPC, the “Doing Business in Davao” contains vital business information which can serve as a guide to the MSMEs who were affected by the pandemic to look at other business opportunities that may have potentials to succeed during this time of pandemic.
“Likewise, the guide also provides vital information on the tax incentives/exemption offered by the local government to MSMEs,” he said.
Cambaya said the guide is intended to attract both the foreign and local investors. For the foreign investors, DCIPC is eyeing three countries – China, Japan and South Korea. However, according to him, this does not preclude the city’s openness to receive other foreign countries who are considering Davao City as an investment destination.
For locals, the city is eyeing existing investors who are planning to expand or diversify their businesses in Davao City.
When the city was placed under enhanced community quarantine (ECQ) last April, businesses in Davao City was heavily affected as movement of people was restricted and all non-essential establishments were closed. Last May, the city was placed under general community quarantine (GCQ) allowing for a gradual reopening of businesses, yet, the economic condition of the city and the operations of businesses did not improve up to this day.
“Doing Business in Davao” serves as an investment guide on doing business in Davao that provides an overview of the city’s social, political, and economic climate, and presents important information on the city’s assets and strategic positioning that can be useful for investors who have plans of setting up business in Davao City.
The brochure will showcase Davao City as a rich source of investment opportunities for both local and foreign investors because of its strategic location, skilled and highly educated human resources, diverse local products, excellent infrastructure, and peace and order situation that is conducive to trade and commerce, and having an efficient and business friendly local government services.
Currently, the “Doing Business in Davao” guide is in its final stages of development.
The Davao City Investment and Promotions Center (DCIPC) and SGV will officially launch the same before the year ends once finalized.
Cambaya said this is an initiative done by the local government unit (LGU) led by DCIPC prior to Covid-19 pandemic and the city looks at the guide has long term benefits both for the private sector and the local government.