The Philippine Statistics Authority (PSA) reported that Davao City had the fastest economic growth in the region in 2023, accounting for over half of Davao Region’s P1.02 trillion Gross Domestic Product.
Only the City of Davao saw growth that was faster than the 6.7 percent regional economic growth.
According to the PSA, the economies of every province and Highly Urbanized City (HUC) in the Davao Region grew in 2023 compared to 2022. Davao City had the fastest increase at 7.5 percent followed by Davao del Sur and Davao de Oro with growths of 6.5 and 6.1 percent, respectively.
Davao del Norte, Davao Occidental, and Davao Oriental had 6.0, 4.7, and 4.6 percent economic performance growth rate, respectively.
Davao City also accounted for 52.3 percent of the P1.02 trillion GDP the Davao Region.
Davao del Norte and Davao del Sur came next with corresponding share of 17.6 and 10.8 percent, and Davao de Oro, Davao Oriental, and Davao Occidental had a share of 9.7, 5.7, and 3.9 percent.
The Bureau of Local Government Finance also recognized Davao City as one of the National Top Performing Local Government Units (LGUs) in terms of Local Source Revenues in Nominal Term for 2023.
Based on the Regional Memorandum Circular No. 30-2024 that the Department of Finance released, Davao City ranked 8th on the National Top Performing LGUs.
Davao City also reported higher revenue collection from January to October of this year in 2024 than it did during the same time the previous year.
As of October 2024, the Davao City Treasurer’s Office (CTO) had already collected P11,878,152,512.24, in comparison to the P11,364,394,539.22 collected by the city between January and October 2023.
Atty. Lawrence Bantiding, Officer-in-Charge of the CTO, in the previous interview said the city has already recovered from the pandemic, as seen by the greater gross sales or receipts reported by local businesses.
He said a significant portion of the collection, comes from business and real estate taxes. CIO
