Economic managers led by Finance Secretary Frederick D. Go brought the government’s economic and investment agenda to Davao City through the Philippine Economic Briefing on Aug. 24, highlighting reforms and opportunities aimed at encouraging businesses to invest and expand in the region.
“Davao is an important part of the Philippine growth story. It is the economic center of Mindanao. The region has been connecting businesses, employees, capital, and markets,” Go said in his keynote address.
Growth opportunities
The briefing highlighted investment opportunities across Mindanao, including infrastructure, agriculture, energy, manufacturing, tourism, logistics and digital services.
Davao City, one of the country’s fastest-growing highly urbanized cities, serves as a major regional economic hub and gateway to Mindanao.
Go said the government’s role was to create conditions that would allow sustained economic growth to translate into more jobs, investments and opportunities for Filipinos.
Easier business
He cited measures aimed at reducing the cost and complexity of doing business, including lower registration fees at the Securities and Exchange Commission and longer validity periods for importer accreditation at the Bureau of Customs.
Go also pointed to the Bureau of Internal Revenue’s reduced creditable withholding tax rates for local importers and manufacturers.
The finance chief urged business leaders and industry partners to invest and expand in Mindanao to help develop globally competitive industries and create more economic opportunities.
Mindanao push
The Davao briefing forms part of the government’s effort to integrate Mindanao’s growth opportunities more closely into the national economic agenda and broaden the benefits of development.
“The next chapter of Philippine growth will be shaped in Mindanao. So let us make future industries happen here and across the country,” Go said. —Ed: Corrie S. Narisma
