Davao City Attracts Over PHP1 Billion in Investments in 2024

DAVAO CITY — Mayor Sebastian Duterte announced that Davao City has garnered over PHP1 billion in investments across technology, manufacturing, and agribusiness sectors this year, during his State of the City Address (SOCA) on Tuesday.

According to Philippines News Agency, the city is poised to secure an additional PHP3 billion in investment pledges for the remainder of the year, targeting key industries such as health, business process outsourcing, tourism, social enterprise, manufacturing, and agribusiness. He emphasized the importance of inclusive development in managing the city’s growth.

The mayor also highlighted the city’s robust tourism sector, noting a significant rise in tourist arrivals with 1.2 million visitors in 2023, up from 897,406 in 2022. The City Tourism and Tourism Office (CTOO) has been actively supporting local establishments, with 2,140 receiving tourism certifications and licenses, marking a 7.81% increase from 2022.

Davao City has also enhanced its reputation as a premier destination for meetings, incentive travel, conventions, and exhibitions (MICE). From June 2023 to May 2024, the city hosted 4,105 MICE events, nearly doubling the figures from the previous year.

Mayor Duterte expressed optimism about Davao City’s continued growth in tourism and investment, aiming to sustain and expand upon the recovery achieved post-pandemic.