Despite the crippling impact of the COVID-19 pandemic on the economy of the Philippines, approved investment pledges registered in the Davao Region increased to P2.4 billion (€41 mln) in the second quarter of 2020.
According to National Economic Development Authority (NEDA)-Davao director Maria Lourdes Lim, this amounts to a rise of 79.29 percent as compared to P497 million (€8.5 mln) reported in the same quarter last year.
Lim reported that these big-ticket investment projects came mostly from new hotel operator Acacia Hotel Davao and another big player in the export Cavendish banana production. She said the region, which is one of the best performing regions in the country, will still manage to incur positive economic growth, owing to the discipline and resiliency of the people to adapt to the “new normal.”
Among the biggest investments in the region in 2019 included a new export producer of coconut products in Sitio Pantukan, Barangay JP Laurel, Panabo City, Davao del Norte amounting to P994 million; new bulk water supply project in Barangay Magdum, Tagum City, P586 million; and a new developer of an economic and low-cost housing project in Barangay Communal, Buhangin, Davao City, P416 million.