by Greg Deligero
A total of P303.68 million of fresh investments were poured into Davao City during the first three months of the year, records obtained from the Davao City Investment and Tourism Promotions Center (DCITPC) show.
The investments consist of four projects—two tourism facilities and two property developments—which were granted local tax incentives by the Davao City Investment Incentive Board (DCIIB).
The DCITPC said the projects which sought incentives provided under the Davao City Investment Incentive Code are expected to generate a total of 614 direct and indirect jobs.
Topping the list in terms of the amount is Orchid Hills, a high end subdivision project of the BDA Holiday Prime Properties, Inc. with P220.98 million total project cost.
It is followed by the Damosa IT Park– Building 3 project of the Davao Land, Inc. with P52.23 million project cost and the Recreation Park of the Gumamela Caverock Farm Resort with P29.63 million project cost.
The other tourism facility project is the Home Crest Residences of the Globalcrest Properties, Inc. which will construct a three-storey 28-room boutique hotel with P27.50 million project cost.
As DCIIB-approved projects, the investors are entitled to avail of fiscal incentives such as exemption from building permit fee and charges; exemption from the Mayor’s permit fee, business sales tax and other fees and charges imposed under existing city ordinances for a maximum of three years; and exemption from basic real property tax for a maximum of two years.
They are also qualified to enjoy non-fiscal incentives such as assistance in securing business licenses and permits processing of local investment incentives, business matching services, help in finding suitable sites for your business or plant location, assistance in finding sources of raw materials, providing of manpower and other production needs and access to the city’s data-banking services.
Last year, Davao City attracted P3.54 billion total investments in 13 different projects that generated 4,494 direct and indirect jobs.
Of the 13 projects, nine are property development projects, three are tourism facilities and one is agri-business.
The biggest investment in terms of project is the Deca Homes Esperanza of the 8990 Housing Development Corporation with P849.88 million, followed by SM City Davao Expansion of SM Prime Holdings, Inc. with P687.89 million and the Coconut Oil Mill of the Davao Bay Coconut Oil Mills, Inc. with P357.06 million.
