The Davao City Council on Tuesday approved on first reading the proposed amendment to the Davao City Investment Code.
Councilor Myrna Dalodo-Ortiz, chairperson of the Committee on Trade, Commerce, and Industry, filed the measure and underscored its urgency during the Council’s privilege hour.
“Over the years, Davao City has experienced sustained economic growth, making it the largest economy in Mindanao in terms of GDP,” Ortiz said, citing the Philippine Statistics Authority’s 2023 report on the economic performance of Highly Urbanized Cities (HUCs), where Davao City ranked 5th nationwide.
Ortiz emphasized that the city’s dynamic growth has been fueled by robust investments in various industries that have generated employment, spurred infrastructure development, and increased its competitiveness among other major cities.
However, she noted that the current investment code may no longer reflect the realities of today’s business environment.
“The business landscape is constantly evolving, with technological advancements and emerging economic sectors reshaping how industries operate,” Ortiz said.
“It is essential for the city to take proactive measures to keep pace with these developments.” she added.
She added that amending the investment code will ensure that Davao City not only sustains but surpasses its economic achievements by providing a conducive climate for both existing and future investors.
The proposed legislative measure is now under the scrutiny of Ortiz’s committee, in coordination with the Davao City Investment Promotion Center. It aims to update the city’s investment policies to ensure they remain relevant, responsive, and aligned with sustainable development goals.
“We have a duty to guarantee that investments in Davao City continue to benefit all Dabawenyos and that the city remains a model for economic leadership and inclusive growth,” Ortiz stressed.
The committee is expected to conduct stakeholder consultations in the coming weeks to craft a responsive and forward-looking investment code. CIO
