Mindanao is turning out as one with a fast growing economy in the Philippines. Its housing and infrastructure developments attract both the local and the foreign investors. They are starting to notice the island’s performance in terms of growth in the economy. There are many investment strategies that is contributing to Mindanao’s progress. One of these is that the main real estate development is in Davao city. Contact us here to learn more.
The Region’s Economic Growth
The fast growth in the economy of Mindanao is one of the reasons that makes it more appealing to investors. Prior to the start of the pandemic in 2020, Davao region’s growth was at 7.0 percent. This was according to the Philippine Statistics Authority. This growth was higher than the nationwide Gross Domestic Product (GDP) which was set at 6.0 percent.
The growth rate of the financial status of Mindanao is signaling the progress of the island. This is a progress that the world is starting to see and respond to. Another reason for the fast growth of its economy is the start of two huge development projects in the region. The Mindanao Development Corridor (MinDC) and the Mindanao Logistics Infrastructure Network (MLIN).
The MinDC Projects
MinDC is a development strategy that is helping set Mindanao’s growing industry in motion. It aims to give a combination of services that will help the island’s industry competency. One example is huge employment that will make more income that will be made in the fields of agriculture, tourism and manufacturing. Moreover, MinDC has real estate development projects as well. A development that aims to provide a standard highway that will connect General Santos City and Davao City. These two cities are the main growth centers for goods, services and tourism.
The MLIN Road Projects
MLIN, on the other hand, is building and enhancing 2,500 kilometers of roads. This real estate development project will cover the regions of Northern Mindanao, Davao, Soccsksargen, and Caraga. The project aims to reduce the transportation expenses of goods from farm to market. It is also aiming to provide a safe, fast, and comfortable transport of people and goods going in and out of the island. In addtion to this, it will boost the competency of the agribusiness in the region.
The International Project
Another reason is the creation of the Brunei Darussalam-Indonesia-Malaysia-Philippines East Asean Growth Location (BIMP-Eaga) sub-region. This project will enhance the growth of facilities and connection in Mindanao. Davao city is Mindanao’s entry point to the BIMP-Eaga sub-region. With this, Davao city will benefit from its involvement in this economic development. Thus, the ports and the new linkages within the BIMP-Eaga will help the city make more deals in export.
The Ideal Business Environment
Moreover, with the many real estate development in Davao city, there is no doubt that it is one of the growing business cities in the South. It is adding to the total growth of Mindanao. The positive business environment is one of the reasons that is making the King City of the South an attractive site for any investments.
In the previous years, the King City of the South is among the most competitive and highly-urbanized cities in the whole of Mindanao. Its government’s efficiency, the developments, the economic strength, and the disaster resiliency are also regarded as excellent. Click here to learn more about the real estate developments in Davao city.
Lastly, the local government is pushing for the establishment of the city as a top MICE (Meetings, Incentives, Conferences, Exhibitions) destination. This is to urge more organizations to expand in Davao city. The city is facilitating various local and international conventions. Thus, boosting the number of the people visiting the city. Its recognition as a MICE destination, the city’s recent tourist arrival records an increase from 2 million to around 2.4 million.