#MINDANAO

In recent months I have received many inquiries about the Davao economy, especially after my May 14 column on Mindanao's economic growth in 2022 where Davao grew at 8.1 percent. It is vital to note that the Davao economy we see is not only the local economy of Davao City but also that of the region that bears its name. The Davao region encompasses six provinces, namely, Davao Oriental and Occidental, Davao del Sur, and Davao del Norte, Davao City, and Davao de Oro. It has a total population of about 5.2 million in an area of about 20,000 square kilometers and a Gross Regional Domestic Product of P954 billion, making up half of the Mindanao economy. The region’s opportunities and potentials were laid out very well in last week’s 7th Davao Investment Conference. Going beyond the economic numbers, I would like to share with you an important excerpt of my opening remarks in this event to give texture to the figures and dive into its future. “Many of you have expressed interest in the fact that the Davao region has in many instances, seen growth numbers that exceed our country’s GDP. This has aroused interest in what makes the Davao economy tick and are curious to know where it will go. I would like therefore to assure you that you and the others at the same table are in the right place and are here at the right time. We are at an inflection point in our history. The post-pandemic economy has helped us realize new strengths and new opportunities and accelerated our adoption of technology as we face a new future. For this 7th investment conference, we look back at the last decade of work we have done. When we compare the results of these efforts we note how Davao has grown into a preferred destination for investments. Look at the skyline of the city and see it rising. The presence of newly developed townships, hotels, and private developments by all of the country’s major real estate conglomerates capitalize on improved public infrastructure in the form of our newly opened coastal road and soon to be launched bypass expressway have provided access to many areas once considered distant and improved traffic. The recently launched Davao Transport Modernization project promises to lead in the transformation of our public transport sector, making transport within the city of two million people easier for our residents. Likewise, stable power provided by our electric utility Davao Light and Power, and the incoming improved water supply courtesy of Apo Agua Infrastactura all combine to make Davao a more livable city ripe for new investments. Davao is the capital of our export agriculture being the key area of our banana and pineapple, and now durian exports as well as being the largest coconut producer. Davao is a key export and logistics hub for Southern Philippines and the East ASEAN Growth area. These initiatives all sustain the gains of peace and development initiatives over the years, consigning once formidable peace and order challenges to history. Looking into the future, interest in the Davao economy will remain high not only because of its large, young population, and vast areas for expansion, but also because of its strategic location giving it access to East Asian economies, Australia, and the Americas. As its economic stakeholders, we all are called to build the future of the Davao regional economy by promoting and harnessing investments to make it more inclusive and resilient. We can do no less.