Davao City is known for its vibrant business scene, with a diverse array of industries ranging from agriculture to technology. However, with the challenges brought on by the COVID-19 pandemic, local businesses are facing unprecedented obstacles to growth and sustainability. To address these challenges and support economic development in the region, the Davao City government has implemented a series of initiatives aimed at supporting local businesses and entrepreneurs. Check out our recent post about “Davao Regional Development Plan 2023-2028: Building a Sustainable and Resilient Future for Mindanao“.
One such initiative is the Davao City Investment and Incentives Code (DCIIC), which provides incentives for investors who establish businesses in the city. Under the code, eligible investors can receive a range of benefits, including tax exemptions, reduced permit fees, and expedited processing of permits and licenses. The code is designed to attract both domestic and foreign investment, with a particular focus on high-value and high-growth industries.
Another key program is the Davao City Local Economic Development and Investment Promotion Office (LEDIPO), which is responsible for promoting economic growth and development in the city. LEDIPO works closely with businesses and investors to identify opportunities for growth and expansion, and provides assistance with business planning, market research, and access to financing. The office also coordinates with other government agencies and private sector organizations to promote collaboration and innovation in the local business community.
In addition to these initiatives, the Davao City government has also implemented a range of measures to support businesses affected by the pandemic. These include the provision of financial assistance to micro, small, and medium enterprises (MSMEs), the establishment of an online marketplace to facilitate e-commerce transactions, and the deployment of a mobile app to provide real-time information on government services and programs.
Wrap it up
These initiatives demonstrate the Davao City government’s commitment to supporting local businesses and entrepreneurs, and to promoting economic development in the region. By providing incentives, assistance, and resources, the government is helping to create a favorable business environment that encourages investment, innovation, and growth. As businesses continue to navigate the challenges of the pandemic, these programs will be crucial in helping them to survive and thrive in the years to come.
Featured photo credits to brittany.com.ph