Davao is optimistic that it’s already on the road to economic recovery and believes the region is ideal for investment. While the COVID-19 pandmeic negatively impacted many sectors, a recent conference highlighted the fact Davao fared much better than other locations in the Philippines.
“Davao has become ripe for many types of investments and despite the pandemic, Davao region posted a 7.6-percent [economic] contraction, beating the national average, which was a 9.6-percent contraction,” Davao Investment Conference 2021 Chair Ricardo Floirendo Lagdameo was quoted as saying by INQUIRER.net. “Investing in Davao can take us to the future. The only way we can get to showcase investment opportunities is to focus on the whole Davao region.”
Prior to the outbreak of COVID-19, Davao had been at the forefront of growth in the Philippines. The region’s economy expanded by an impressive 10.9 percent in 2017 and had experienced years of growth during the 2010s.
“It’s been this type of growth that has brought many national and international companies to locate in the (Davao) region. Today, it is home to one of the country’s busiest container terminals, a center for excellence for the BPO industry, home to several international hospitality brands, and home for one of the most important regions for township development,” Lagdameo explained.
Further investment in Davao would see the region become more livable. This, in turn, would make the region more attractive to both businesses and employees which would spur even more growth.
“Investing in Davao can take us to the future where there is financial inclusivity, people-centric and livable cities, green and renewable energy sources, allow industry growth and innovation, and more,” Lagdameo said.
Several key infrastructure projects remain the pipeline that may support the Davao property markets. Colliers highlighted the Davao Coastal Road, Davao Monorail, Mindanao Railway Project and Davao Bus Rapid Transit as projects that needed to be assessed for their feasibility for residential developments.
“In our view, the (Davao) economy is ripe for further expansion and development,” Joey Roi Bondoc, Senior Research Manager at Colliers, told the Philippine Daily Inquirer. “With a thriving real estate market, an abundant pool of quality labor, and a competitive business environment, Davao is set to attract future property investors to operate in the area.”
Related: Colliers touts growth prospects of both Cebu and Davao property markets next year
