BBB to ‘unleash’ Davao potentials

Finance Secretary Carlos Dominguez III. (PCOO photo)

The infrastructure developments in Davao City under the Duterte administration’s “Build, Build, Build” program will unleash the city’s potentials and transform it into a manufacturing and agro-industry hub.

Finance Secretary Carlos Dominguez III told members of the Davao City Chamber of Commerce and Industry (DCCI) the city is the hottest spot in the nation’s bright economic prospects and the whole Davao region has been gearing up for this growth surge.

“Davao City’s economic prospects can only get even better. The city and its environs will benefit from the massive infrastructure investments over the next few years. These investments will improve access and facilitate the growth of enterprises in this area,” said Dominguez at the DDCI’s 50th anniversary.

The finance chief pointed out the impressive business potential and headroom for expansion of the city.

“Davao City’s strategic location within the East ASEAN Growth Area further boosts its growth prospects. The city sits right at the nexus of blossoming trade routes and tourism centers linking the rapidly growing areas of Brunei, Indonesia and Malaysia,” he said.

Some of the infrastructure Davao residents are already enjoying are the Miranda Bridge II at the Daang Maharlika in Davao del Norte and the Davao River Bridge which was completed in April this year.

Under construction are the Davao International Airport Development Project, the Davao City Coastal Road and the Mindanao Logistics Infrastructure Network that are scheduled for completion in 2022, 2021 and 2019, respectively. The Davao Public Transport Modernization Project is also under way.

Meanwhile, Dominguez said the administration, through the Development Bank of the Philippines, has released a total of P13 billion as of June 30 in microloans to micro, small, and medium entrepreneurs (MSME).

He said the loan facility allows the MSME to explore other business opportunities and showcase their competitiveness in small businesses at the same time providing them the funds they need. In addition, the DBP is giving free financial advisory services to small entrepreneurs.

To further boost funds available to MSME, the DBP partnered with microfinance institutions and cooperatives to open additional Lending Centers which can be closer and accessible to small businesses.