Davao needs to attract more investors in manufacturing

Subscribe Now June 25, 2015 at 11:16am

INVITING investors engaged in manufacturing to put up shops in Davao City can further boost the city's economy, an official said.

Davao City Investment Promotion Center (DCIPC) officer-in-charge Ivan C. Cortez told Sun.Star Davao in an interview that more manufacturing investments poured in the city can further drive economic growth.

"If we want to have a solid economic growth for the next five years, we need to lure more manufacturing investments to add up in our current city industry mix," Cortez said.

According to the DCIPC Compendium of Economic Indicators report as of 2014, there are 36,461 business establishments registered with the Business Bureau, but only around 2,000 are into manufacturing business.

"The figure is only 5.7 percent of the total number of businesses in the city," Cortez said.

Meanwhile, Coconutcures Inc., a Japanese manufacturing company, is eyeing to construct a two-hectare virgin coconut oil processing plant in Davao City with an initial capital outlay of P130 million.

"One good news for the manufacturing industry is the upcoming virgin coconut oil processing plant of the Japanese investors in Barangay Mahayag in Bunawan and it is targeted to operate by January next year," Cortez said.

Manufacturing industry is a labor intensive service where raw materials of the region are utilized.

Source: sunstar.com.ph

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