NO EFFECT: PRIME says of Martial Law vis-à-vis investments

NO EFFECT: PRIME says of Martial Law vis-à-vis investments

Edge Davao Judiee Vega January 31, 2018

The implementation of Martial Law in Mindanao did not dampen investments, particularly in Davao City.

This was underscored by the City Information Office, citing Jet Yu, founder and managing director of PRIME Philippines as source.

Yu was quoted as saying that Martial Law has “minimal to no effect” on business in Davao City in particular, and the whole island of Mindanao in general.

The prognosis was arrived at during the business forum hosted recently by the  European Chamber of Commerce of the Philippines (ECCP) and real estate firm PRIME Philippines.

The forum was dubbed the “Mindanao Business Briefing: Updates on Security Situation, Business Resiliency and Optimism” which was held last January 23 at Seda Hotel, Davao City.

“Martial Law has minimal to no effect on the gross sales of residential condominiums in Davao City,” said JetYu.

He noted the increase in hotel gross sales in Davao City to 100 percent in December from only 25 percent in August.

“Hotel gross sales in Davao City have increased by 25 to 100 percent from August to December 2017 after experiencing 10 to 25 percent decrease a few months after the declaration of Martial Law in Mindanao,” Yu said.

In a speech read for her by Davao City Investment Promotions Center (DCIPC) head Lemuel Ortonio, Mayor Inday Sara Duterte commended the ECCP and PRIME Philippines for choosing the city as one of the event venues.

“Today we will hear the testimonies of resiliency amid security challenges among business champions, encouraging us to continue the advancement of our economic prosperity in Mindanao particularly in Davao City,” Mayor Inday said.

The forum showed that “the optimism (on) Davao did not waver.”

Several projects commenced in the city since Martial Law was proclaimed in Mindanao, including a mixed community development, a condominium project with an international five-star hotel accommodation and other world-class residences.

Among these investments are the Dusit Thani Residence Davao by the Torre Lorenzo Development Corporation (TDLC), which topped off in November last year and the P20-billion Azuela Cove by the Aviana Dev’t. Corp, a joint venture of Ayala Land Inc. (ALI) and the Alcantara and Sons (Alsons) Group.

The St. Luke’s Hospital is also a confirmed locator at the Cove. Data from the Davao City Tourism Operations Office also showed that the city’s tourist arrival has increased by 10 percent from 464,985 during the third quarter of 2016 to 511,228 during the same period in 2017.

“When I think of Davao’s resilience, I think of the Mindanao malong. It is only when all these colors are in harmony that the thread creates a beautiful pattern in the same way that the efforts of the government, the private sector, foreign investors and the public have altogether made the city an ideal investment destination in the Philippines,” Mayor Inday said.

 

Source: https://edgedavao.net/the-big-news/2018/01/31/no-effect-prime-says-martial-law-vis-vis-investments/