A LAWMAKER here introduced amendments to the city’s Investment Code to be more responsive to the present times.
Councilor Myrna Dalodo-Ortiz, committee chair of trade, commerce and industry, said it is high time to amend the Investment Code, considering the city’s business demands are constantly changing and new economic sectors have emerged.
“It is essential, therefore, for the city to take proactive measures in response to these evolving economic demands, enabling Davao City to not only sustain its current economic standing but also, where possible, surpass it,” Ortiz said in her privilege speech during Tuesday’s regular session.
The councilor stressed that the economic activities by various businesses and industries are one of the key contributors to the city’s positive economic performance.
Some of the key features of the proposed amendments include the creation of new plantilla positions in the Davao City Investment Promotions Center (DCIPC), the implementing office, and giving it a new management structure.
The councilor also intends to expand the priority investment areas of the DCIPC. At present, the priority areas include agribusiness, tourism, health, ICT, infrastructure, and light manufacturing.
Under the technology sector, precision agriculture technology and digital health systems are already included, while the health sector now welcomes communicable disease testing and healthcare waste management.
Fiscal incentives and tax reliefs to Micro, Small, and Medium Enterprises are also eyed.
To strengthen the implementation, included in the proposed amendments include providing the DCIPC and the Investment Board with a visitorial power.
The councilor noted that the city ranked fifth among the Philippines’ largest urban economies and contributed to the national Gross Domestic Product, and was the largest economy in Mindanao in 2023.
“Investments made in the city have stimulated job opportunities, infrastructure developments, and leveled the competitiveness of the local industries with other cities. This makes Davao City a primary destination for investors in Mindanao,” she stressed.
